ISLAMABAD: Pakistan’s corporate regulator has directed companies with paid-up capital exceeding Rs20 million ($71,000) to appoint at least one practising lawyer as a retained legal adviser.
The corporate watchdog makes the requirement mandatory under legislation governing lawyers’ welfare and protection.
According to the Securities and Exchange Commission of Pakistan, the requirement is mandatory under Section 10 of the Lawyers Welfare and Protection Act, 2023.
Under the law, an eligible company must engage a practising advocate on a retainer basis to provide legal advice.
The legislation also limits each lawyer to serving as legal adviser to no more than three eligible companies or other entities at the same time.
The commission has instructed companies covered by the requirement to appoint a legal adviser and submit the adviser’s details to the company registrar using Form 9, as required under Section 197 of the Companies Act, 2017.
The regulator warned that it would initiate legal action against companies that fail to comply with the applicable requirements.
