In response to the effect of widespread COVID-19 (Coronavirus) pandemic on businesses, Securities and Exchange Commission of Pakistan (“SECP”) has issued Circular No.6/2020 on 22’ March’ 2020. The Circular allows temporary relaxation from compliance to certain requirements of the Companies Act, 2017 (the “Act”) which include the following:
- The companies whose financial year has ended on 31’ December’ 2019, are normally required to hold their Annual General Meeting (“AGM”) by 29’ April’ 2020. The Companies are now allowed to hold their AGMs by 29’ May’ 2020.
- The companies whose election of directors is due before or in the aforesaid AGM, may file impediment report to the concerned Registrar.
- Any statutory return due on or after 24’ March’ 2020 or thereafter may be delayed for 30 (thirty) days. No late filing fee or penal action shall be taken for late filing.
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