The Securities and Exchange Commission of Pakistan (SECP) has extended the date for submission of statement containing information about unclaimed or unpaid shares of companies, Modaraba certificates and dividends declared by companies/Modarabas till October, 2017. According to an SRO 753(I)/2017 issued here on Thursday, in exercise of the powers conferred under Section 510 read with section 244 of the Companies Act, 2017, the SECP, in continuation of its previous directive 16 of 2017, dated 7th July, 2017, has extended the date of submission of statement directed through the said directive.
The date of submission of requisite statement, which was due on 6th August, 2017 is hereby further extended till 5th October, 2017. Under the direction 16 of 2017, the SECP has directed companies to submit statements containing information about unclaimed or unpaid shares of companies, Modaraba certificates and dividends declared by companies/Modarabas during the last three years.
According to the SECP, the commission, pursuant to section 244 read with section 510 of the Companies Act 2017 (the ””Act””), directs all companies to submit a statement to the Commission through eServices portal (https://eservices.secp.gov.pk/eServices/) within thirty days of issue of this notification stating therein the number or amounts, as the case may be, which remain unclaimed or unpaid for a period of three years from the date it is due and payable as of 30th May, 2017 in respect of the followings:
Firstly, shares of a company or Modaraba certificates of a Modaraba have been issued. Secondly, dividend has been declared by a company or Modaraba. Thirdly, any other instrument or amount which remains unclaimed or unpaid, as may be specified. The companies are further directed to initiate the process of publishing the final notices, to the shareholder or the certificate holder or the owner, as the case may be, in the newspapers subsequent to the initial three months”” notices in accordance with the provision of subsection 1 of section 244 of the Act. The direction is being issued pursuant to the powers vested with the Commission under section 510 of the Act, the SECP added.
Copyright Business Recorder, 2017