RELAXATION FROM CERTAIN PROVISIONS OF COMPANIES ACT, 2017 DUE TO COVID-19
Due to outbreak of COVID-19 and existing circumstances in the Pakistan and around the world, SECP vide circular # 6/2020 dated march 22, 2020 granted relaxation from compliance with provisions of Companies Act, 2017 related to filling of statutory returns, holding of AGM and election of directors as per detail below:
- All Companies having financial year ended on December 31, 2019, are hereby allowed a general extension for a period of 30 days now the Companies with financial year ended on December 31, 2019 can hold their AGM for the year ended on December 31, 2019 on or before May 29, 2020.
- The companies, whose election of directors is due before or in the aforesaid AGM, may file impediment reports with the concerned registrar under section 158(2) of the Act citing the reasons for delay in holding the election of directors.
- Any statutory return which is required to be filed on or after 24th March, 2020 may be filed with the concerned registrar with the delay of 30 days of occurrence of any event without any additional filing fee as no penal action shall be taken for the late filing.