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About The Division

The Company Law Division (CLD) has two departments

 
Corporatization and Compliance Department

The Corporatization and Compliance Department is responsible for administration of the 1984 Companies Ordinance, and the rules and regulations made under it, along with other relevant laws. Its primary functions include registration of companies, regulating their statutory functions, and monitoring of corporate compliance through examination of statutory returns and accounts. These functions are performed by the eight regional offices of the SECP called the Company Registration Offices (CROs). The department supervises, coordinates and monitors the working of the CROs.

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Corporate Supervision Department

The Corporate Supervision Department is responsible for regulation and enforcement of companies listed on stock exchanges, public unlisted companies, private companies having paid-up capital of Rs100 million and above and companies formed under section 42 and 43 of the 1984 Companies Ordinance (except insurance companies, non-banking finance companies and modarabas) with relevant laws and applicable accounting standards through review of accounts, investigation, and prosecution. In case of non-compliances, necessary actions are taken against erring companies, their directors, management and auditors.

The department monitors compliance of listed, unlisted and private companies with applicable laws, rules and regulations. The statutory framework comprises of:

  • Companies Ordinance, 1984
  • Companies (Issue of Capital) Rules, 1996
  • Companies (Audit of Cost Accounts) Rules, 1998
  • Companies Share Capital (variation in rights and privileges) Rules, 2000
  • Companies (General Provisions and Forms) Rules, 1985
  • Group Companies Registration Regulations, 2008
  • Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance, 2002
  • Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance, 2008

In doing so, the department ensures timely holding of annual general meetings and circulation of annual and interim accounts to the shareholders, provision of adequate information by companies in the notices to the shareholders in the matter of listed companies.

The department ensures that full disclosures are made by companies in their annual audited accounts in accordance with the International Financial Reporting Standards, the 1984 Companies Ordinance, Accounting and Financial Reporting Standards (AFRS) issued by Institute of Chartered Accountants of Pakistan ICAP) for small and medium sized entities (SMEs) and monitoring compliance with the Code of Corporate Governance to minimize corporate abuse.

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