SECP Announces New Penalty for Rs. 2 Crore Companies

Meanwhile, the Securities and Exchange Commission of Pakistan (SECP) has directed firms with paid-up capital exceeding Rs.

Key points

• The particulars must be documented on Form-9 under Section 197 of the Businesses Act, 2017.
• US Giant McCormick to Acquire 76.55% Stake in Unilever Pakistan Foods.
• The law additionally limits each advocate to serving as a legal advisor to no more than three such entities at a time.
• SECP has advised all firms covered by the requirement to appoint legal advisors in accordance with the law and submit their details to the Registrar.
• The regulator cautioned that it would initiate action against businesses that fail to comply with the applicable legal provisions.

Under Section 10 of the Lawyers Welfare and Protection Act, 2023, every incorporated firm gathering the capital threshold must engage at least one practising advocate as a legal advisor on a retainership basis.

For context, the law additionally limits each advocate to serving as a legal advisor to no more than three such entities at a time.

Meanwhile, the particulars must be documented on Form-9 under Section 197 of the Businesses Act, 2017.

For context, the regulator cautioned that it would initiate action against businesses that fail to comply with the applicable legal provisions. Stay Connected with ProPakistani.

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Taken together, the developments around SECP Announces New Penalty for Rs. 2 Crore Companies point to a situation that is still moving, and the coming days should bring more clarity.