The Securities and Exchange Commission of Pakistan (SECP) has amended the statement in lieu of prospectus required to be filed with the registrar by a private company converting into a public company.
According to a SECP statement, changes have been made through SRO No. 677(I)/2011, issued on July 8. The amended format has been designed in compatibility with SECP’s eServices regime and is suitable for online submission environment.
Previously, the statement in lieu of prospectus format required to be filed by public unlisted companies for obtaining a business certificate was substituted with a new one.
Relevant information regarding the company, i.e., Corporate Universal Identification Number, Registered Office and contact details have been added in the amended statement, keeping in view the requirements of all stakeholders. The previous format contained included cumbersome details.
The amended format contains more detailed and simplified information on authorised and paid-up capital of the company, particulars of directors, chief executive, secretary, remuneration payable to these persons, number and amount of shares and debentures issued or agreed to be issued, amount of discount, if any, allowed on issue of any shares, details of every agreement entered, preliminary expenses and rate of dividends in previous years. In addition, unnecessary information has been deleted to facilitate stakeholders.