KARACHI - Companies Regularization Scheme (CRS) launched by the Securities and Exchange Commission of Pakistan (SECP) is not applicable to companies which have filed their overdue returns before May 15, 2009. According to a statement issued by the SECP here Monday, the scheme has been launched for a period of 45 days starting from May 15, up to June 30, 2009. The scheme is not retrospective in nature and is applicable only to those companies which are filing their overdue returns during the specified period covered under it. Thus, the companies which have already filed their overdue returns prior to the launch of the scheme even in the recent past will not get incentives like waiver of additional filing fees and penalties as provided by the scheme. However, it said that in cases of late filings before the scheme, SECP is taking a lenient view and considering each case on its specific grounds. Cos are given an opportunity of hearing as provided under the law after which defaults made by the cos are usually condoned or token penalty is being levied, except in case of severe defaults. No specific instances have been observed, where companies have been penalized without showing due consideration by SECP. SECP has always facilitated the corporate sector in compliance of law and taken a lenient view while dealing with the cases of adjudication of defaults. Decision is taken on case to case basis, and penalties are levied in cases of grievous defaults only. In many cases defaults are also condoned keeping in view the specific grounds provided by the companies or only token penalty is levied, it said.