No filing required in case of nil report under Section 452 of Companies Act

November 28, 2018: The SECP has withdrawn the filing requirement of Forms 31 and 32 on the companies in case of a nil report in order to facilitate the corporate sector and streamline the filing of specified forms under Section 452 of the Companies Act, 2017.

The SECP has made amendment to its previously issued circulars, whereas para 4 of circular No 19/2017 dated August 11, 2017, and para 5 of circular No 32/2017 dated December 4, 2017, have been deleted. Now there is no requirement to file specified forms in case of a nil report.

Under section 452 (Companies' Global Register of Beneficial Ownership) of the Companies Act, every substantial shareholder or officer of a company incorporated under the Company law, who is a citizen of Pakistan within the meaning of the Citizenship Act including dual citizenship holder whether residing in Pakistan or not having shareholding in a foreign company or body corporate shall report to the company his shareholding on a specified form within thirty days of holding such position or interest.