ISLAMABAD (APP) - The Securities and Exchange Commission of Pakistan (SECP) is receiving over-whelming initial response from the corporate sector on the Companies Regularization Scheme. According to a statement issued by SECP, the scheme was recently launched to provide relief to defaulter companies to file their overdue returns. It may be recalled that scheme enables filing of overdue returns by paying only normal filing fees and provides complete waiver of additional three times late filing fees and penalties. Normal filing fees, as prescribed under the Sixth Schedule to the Companies Ordinance for filing of one return, is Rs 500/ for online submission and Rs. 1,000/ for manual submission, it said. It is the statutory obligation of the companies to file their returns in time. Failure to deliver returns to SECP is a default under the Ordinance and rules made thereunder. Accumulation of default by the companies, results in huge liabilities, due to which companies avoid filing of overdue returns. Law provides for adjudication of defaults made by management, imposition of penalties and even litigation. In case of persistent failure to comply with the statutory requirements in time, the registrar may strike the name of a company off the register. In the past, a large number of companies were dissolved by the registrar. SECP always facilitates the corporate sector in compliance of law through simplification of procedures, introduction of e-Services and running awareness campaigns. After the expiry of Scheme on June 30, 2009, strict legal action will be initiated against the non-compliant companies, it said.