The Securities and Exchange Commission of Pakistan (SECP) in order to facilitate the corporate sector have decided to re-launch the Companies Regularization Scheme (CRS) and Companies Easy Exit Scheme (CEES) for a period of two months starting from July 2 to August 31, 2012. The purpose of this initiative is to provide both facilities to the companies at the same time, either to get their defaults regularized under CRS by making compliance, or benefit from the exit facility under CEES, if the company is defunct, not doing any business or not in operation and intends to cease its existence. The CRS provides defaulter companies an opportunity to file their overdue statutory returns and annual accounts. This scheme is applicable to all unlisted companies. Initially, in July the overdue documents can be filed with normal filing fee plus one half of the normal filing fee as additional filing fee. However, in August the fees shall increase to normal filing fee plus one time additional filing fee. This scheme also absolves the defaulter companies of penalties imposed on filing of overdue documents. The CEES allows the companies having no assets or liabilities and not doing any business to avail themselves of easy exit facility without undergoing the cumbersome winding up procedure.
