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sector and streamline the filing of specified forms under Section 452 of the Companies Act, 2017, the SECP has withdrawn the filing requirement of Forms 31 and 32 for companies in case of a “nil report”.
The SECP has vide its circular No. 21 from 2018, amending its previously issued circulars and para 4 of circular No 19/2017 dated August 11, 2017, and para 5 of circular No 32/2017 dated December 4, 2017 – which have now been deleted. There is no longer any requirement to file the 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 corporate body shall report his shareholding on a specified form to the company within thirty days of holding such position or interest.