SECP launches online portal for easy exit of defunct companies

MG News | April 07, 2022 at 04:50 PM GMT+05:00

0:00

April 7, 2022: The SECP, to facilitate the closure of companies, has launched an online portal of the Companies Easy Exit Scheme, automating and simplifying the process of an easy exit.

Section 426 of the Companies Act, 2017, and its corresponding regulations, the Companies (Easy Exit) Regulations, 2014, deal with the easy exit of a defunct company. According to this legal framework, a private or public unlisted company that ceases to operate and has no known assets and liabilities, may apply directly to the registrar to strike its name off the register of companies instead of submitting a winding-up petition to the court.

The procedure of easy exit was previously carried out manually by filing an application to the SECP. However, with the launch of an online portal, the easy exit will be processed online.

The easy exit online portal is another initiative of SECP towards complete automation and digitalization to facilitate the corporate sector.

Press Release

Related News

Name	Price/Vol	%Chg/NChg
KSE100	179,603.73 379.80M	-0.50% -908.92
ALLSHR	108,021.19 705.75M	-0.35% -379.48
KSE30	54,828.33 124.04M	-0.69% -379.24
KMI30	253,396.08 110.85M	-0.77% -1976.44
KMIALLSHR	69,330.18 392.81M	-0.57% -398.02
BKTi	51,913.39 44.12M	-0.50% -259.93
OGTi	35,053.03 27.27M	-0.84% -295.86

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	68,980.00	0.00 0.00	145.00 0.21%
BRENT CRUDE	67.73	68.05 66.89	0.21 0.31%
RICHARDS BAY COAL MONTHLY	96.00	0.00 0.00	-1.50 -1.54%
ROTTERDAM COAL MONTHLY	104.60	104.60 104.60	1.30 1.26%
USD RBD PALM OLEIN	1,071.50	1,071.50 1,071.50	0.00 0.00%
CRUDE OIL - WTI	62.81	0.00 0.00	-0.08 -0.13%
SUGAR #11 WORLD	13.55	13.57 13.42	0.07 0.52%