January 13, 2017

Easy winding up for company registered in Pakistan

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Easy Winding up of company registered in Pakistan

All the companies registered in Pakistan whether they are Private Limited Company Public company Limited or section 42 nonprofit companies registered in Pakistan. In this regard Securities and Exchange Commission of Pakistan has specified East Exit Regulation. All Companies can file for easy exit however there are exceptions for few companies registered in Pakistan. Details of the companies are mentioned with detail on Securities and Exchange Commission of Pakistan website however some of them are mentioned below:

  1. The companies registered as subsidiaries for listed companies can not avail these regulations
  2. Companies Registered in Pakistan as foreign companies also can not avail this regulations.
  3. The companies registered under Trade Organization Act of 2013 also can not avail these regulations.
  4. Also the companies having outstanding obligations towards Bank and utility companies can not avail these regulations.
  5. Also if the companies have disputes regarding shareholding and management they can not avail these regulations
  6. Further if the companies are found to be involved in illegal activities they cannot take the advantage of these regulations
  7. Companies registered in Pakistan as real estate or housing companies cannot take advantage of these regulations as well.

If the company registered in Pakistan is not from the above mentioned exceptions then they can file an application to registrar for striking of the name of their company on Form EE-I. A copy of resolution passed by the members in regard to winding up of company under easy exit regulations is also required. Furthermore a certificate from auditor is also required that include the details as prescribed by the Securities and Exchange Commission of Pakistan.

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