KARACHI: Securities and Exchange Commission of Pakistan (SECP) has said it will take strict legal action against defaulter companies once the one-time Companies Regularisation Scheme (CRS) expires on June 30. SECP had recently launched the amnesty scheme to provide relief to defaulter companies so that they could file their “overdue returns” in the given timeframe. The Commission has, however, received an overwhelming initial response to the scheme from the corporate sector, the SECP said in a press statement. The scheme allows filing of overdue returns by paying only normal filing fee and provides complete waiver from additional three-time late filing fee and penalties, the statement said. It is mandatory for companies to file their returns on time. Failure to deliver returns to the SECP is a default under the ordinance and rules. Accumulation of default by the companies results in huge liabilities due to which companies avoid filing of overdue returns.