Every company registered in Pakistan, having the paid up capital of Rs.500,000 or more is required to appoint a legal adviser in terms of the Companies (Appointment of Legal Advisors) Act, 1974, (the Act) and failure to appoint a Legal Advisor renders the manager or other responsible officer of the company liable to imprisonment which may extend to three months or fine, or with both.
The Honorable High Court of Sindh, vide its order dated 16th march, 2010, in CMA No.9056 of 2009 (CP 3162 of 1993), has directed the Securities & Exchange Commission of Pakistan (the SECP) to compile and provide to the Secretary Finance, Government of Pakistan, a report containing the names of all companies who have not appointed Legal Advisors in terms of the Act, for the purpose of initiating action against such companies as per law.
A list of companies who have not yet the Legal Advisors as required under the law, has been compiled and placed on SECP's website http://www.secp.gov.pk/notification/pdf/2010/List_of_Companies.xls. However, before sending the report to the Federal Government, the SECP wants to ensure that the list is accurate in all respect.
All concerned are hereby advised to view the list as aforesaid on SECP's website and in case of any error, please point the same to the respective Company Registration Office, for its rectification, within 7 fays of the publication of this notice, to help the SECP rule out, any chances of error in the report, in the manner provided hereunder:
a) In case, your company has already appointed a legal advisor and also notified the same the respective Company Registration Office, please identify the same through a letter supported with a copy of Form 29, Challan and acknowledge of its filing.
b) In case, your company has already appointed a Legal Advisor, but not yet notified the same on relevant Form 29; you are requested to file the same, with the registrar concerned, along with, filing fee, documents as per Schedule I and II of the Companies (Appointment of Legal Advisors) Rules, 1975 and a copy of Enrolment Certificate of respective Bar Council.
Every company registered in Pakistan, having the paid up capital of Rs.500,000 or more is required to appoint a legal adviser in terms of the Companies (Appointment of Legal Advisors) Act, 1974, (the Act) and failure to appoint a Legal Advisor renders the manager or other responsible officer of the company liable to imprisonment which may extend to three months or fine, or with both.
The Honorable High Court of Sindh, vide its order dated 16th march, 2010, in CMA No.9056 of 2009 (CP 3162 of 1993), has directed the Securities & Exchange Commission of Pakistan (the SECP) to compile and provide to the Secretary Finance, Government of Pakistan, a report containing the names of all companies who have not appointed Legal Advisors in terms of the Act, for the purpose of initiating action against such companies as per law.
A list of companies who have not yet the Legal Advisors as required under the law, has been compiled and placed on SECP's website http://www.secp.gov.pk/notification/pdf/2010/List_of_Companies.xls. However, before sending the report to the Federal Government, the SECP wants to ensure that the list is accurate in all respect.
All concerned are hereby advised to view the list as aforesaid on SECP's website and in case of any error, please point the same to the respective Company Registration Office, for its rectification, within 7 fays of the publication of this notice, to help the SECP rule out, any chances of error in the report, in the manner provided hereunder:
a) In case, your company has already appointed a legal advisor and also notified the same the respective Company Registration Office, please identify the same through a letter supported with a copy of Form 29, Challan and acknowledge of its filing.
b) In case, your company has already appointed a Legal Advisor, but not yet notified the same on relevant Form 29; you are requested to file the same, with the registrar concerned, along with, filing fee, documents as per Schedule I and II of the Companies (Appointment of Legal Advisors) Rules, 1975 and a copy of Enrolment Certificate of respective Bar Council.
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