Malaysian Court Takes Actions Against Director for Failing to File Company’s Annual Return

SUNNYVALE, Calif. - Oct. 11, 2013 - PRLog -- The Petaling Jaya Magistrate Court of Malaysia recently convicted the director of Srimas Klasik Sdn Bhd on two charges for failing to file the companies’ Annual Return to the Registrar of Companies, the Suruhanjaya Syarikat Malaysia (SSM). The court verdict includes a fine of RM600.00 or seven days imprisonment for each of the two violations.

In Malaysia a local company is required to:

*          Convene an annual general meeting every year,

*          File annual returns and audited accounts annually,

*          File statutory documents when there are changes in the registered particulars, and

*          File other statutory documents that need to be notified or registered with the SSM.

SSM views non-compliances in this regard as a serious offence and notes that the failure to lodge timely Annual Returns deprives public of important company related information and updates on a company’s standing and well-being. As such, all companies and their officers are reminded to strictly adhere with filing requirements.

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