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Securities and Exchange Commission of Pakistan: Form 45
Securities and Exchange Commission of Pakistan: Form 45
3. In terms of Section 123A of Act “ultimate beneficial owner” means a natural person who
ultimately owns or controls a company, whether directly or indirectly, through at least twenty five
percent shares or voting rights or by exercising effective control in that company through such
other means, as may be specified.
5. As per record of your company maintained in this office, it has been observed that
company has not filed Form 45 with the registrar and, prima facie, violated the mandatory
provisions of sub-section (2) of Section 123A of the Act and regulation 19A of the Regulations,
which attracts penal provisions contained in sub-section (3) of Section 123A of the Act, as
reproduced below:
(3) Any contravention or default in complying with requirement of this section shall be
liable in case of, –
(a) a director or officer of the company or any other person, to a penalty which
may extend to one million rupees; and
(b) the company, to a penalty which may extend to ten million rupees.
6. In view of the above, the company and its chief executive and directors are, hereby called
upon to ensure immediate compliance with the provisions of sub-section (2) of Section 123A of
the Act read with regulation 19A of the Regulations through filing of Form 45, failing which legal
proceedings shall be initiated against the company and its chief executive and directors for
violation of the aforementioned provisions of the Act.
7. Compliance of the above may be immediately made by filing relevant form with the
registrar concerned through online or physical mode and intimation of such filing be also made on
email ubo.compliance@secp.gov.pk.
8. Please ignore this notice if the company has already made compliance.
_______________
(Registrar Concerned)