ID :
188177
Mon, 06/13/2011 - 12:00
Auther :
Shortlink :
https://oananews.org//node/188177
The shortlink copeid
MOST COMPANIES COMPLY WITH SSM'S PRACTICE NOTE 1/2008
KUALA LUMPUR, June 13 (Bernama) -- Most active companies are in compliance with Practice Note 1/2008 which requires all companies to lodge annual return with the latest audited account with the Companies Commission (SSM).
SSM Chief Executive Officer Azmi Ariffin said that since the practice note was introduced in June 2008, the rate of compliance had increased from 84 per cent in 2009 to 87 per cent last year.
"The general public and corporate citizens will receive direct benefits from this because information about these companies can be accessed through the SSM database," he said at the opening of the SSM National Conference here Monday.
Domestic Trade, Cooperatives and Consumerism Ministry Secretary-General Mohd Zain Mohd Dom opened the two-day conference themed "Driving Business Transformation Dynamics Through Regulations and Enforcement" on behalf of minister Ismail Sabri Yaakob.
Under the Companies Act 1965, a director can be fined RM30,000 or jailed five years or both if he fails to lodge his company's annual return and audited account.
SSM Chief Executive Officer Azmi Ariffin said that since the practice note was introduced in June 2008, the rate of compliance had increased from 84 per cent in 2009 to 87 per cent last year.
"The general public and corporate citizens will receive direct benefits from this because information about these companies can be accessed through the SSM database," he said at the opening of the SSM National Conference here Monday.
Domestic Trade, Cooperatives and Consumerism Ministry Secretary-General Mohd Zain Mohd Dom opened the two-day conference themed "Driving Business Transformation Dynamics Through Regulations and Enforcement" on behalf of minister Ismail Sabri Yaakob.
Under the Companies Act 1965, a director can be fined RM30,000 or jailed five years or both if he fails to lodge his company's annual return and audited account.
