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COMSATS - ISLAMABAD

Topic:. COMPANY LAW OF PAKISTAN: - An Overview . COMSATS - ISLAMABAD . Presentation by. Prof. Dr. Khawaja Amjad Saeed.

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COMSATS - ISLAMABAD

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  1. Topic: COMPANY LAW OF PAKISTAN: - An Overview

    COMSATS - ISLAMABAD

    Presentation by Prof. Dr. KhawajaAmjadSaeed Professor Emeritus & Founder Principal, Hailey College of Banking & Finance, University of the Punjab, Lahore Pakistan (2003----), Member Governing Council, International Federation of Accountants (IFAC), New York (1997-2000), President, South Asian Federation of Accountants (SAFA) (1997), President, Institute of Cost and Management Accountants of Pakistan (1997-2000), President, Association of Management Development Institutions of South Asia (AMDISA) (1993-96), Pro Vice-Chancellor University of the Punjab, Lahore (1994-1996), Founder Director, Institute of Business Administration (IBA), University of the Punjab, Lahore (1973-1996), Senior Faculty Member, Hailey College of Commerce, University of the Punjab, Lahore (1965-73) and senior Faculty Member, Hailey College of Commerce, University of the Punjab, Lahore-Pakistan. Earlier he had eight years experience in corporate world (1958-65). Email: kamjadsaeed@yahoo.com
  2. WELCOME TO OUR PROGRAM Presentation Frame BBA/MBA: Corporate World Inretrospect Constituents Objectives Major Aspects
  3. A: BBA/MBA: CORPORATE WORLD Rise of corporate world Major corporate laws & rising trend of Code of Corporate Governance Code of Corporate Governance: - 2002 - 2012 Relevance of Business Management Courses & Company Law
  4. B: INRETROSPECT Before August 14, 1947 - Industrial & Commercial Revolution: 16th 17th Century - Europe - Impact - Organizational Technology - Mechanization - UK companies Act 1844 - Companies Act 1850 - Companies Act 1857 - Companies Act 1882 - Companies Act 1913
  5. B: INRETROSPECT 2. After August 14, 1947 - Companies Act 1913 adopted - Amendments in 1950s -The Companies (Managing Agency and Election of Directors) Order 1972 - Abolished Managing Agency System - Directors - Companies Ordinance 1984 - Replaced Companies Act 1913 - Amendments - 1995: Capital Issues (Continuance of Control) Act 1974 abolished - 1999: Various categories of shares allowed
  6. B: INRETROSPECT - 2000: - Single Member Company Introduced - Minimum number of director: 3 - Whole time professionally qualified secretaries appointed - Quarterly financial statements introduced - AGM to be held in four months - NBFCs licensed by SECP -2004: Fourth Schedule: : Fifth Schedule -2007: Electronically retrievable data as valid & several other aspects -2008: Several including time for payment of dividend-specified by SECP
  7. C: CONSTITUENTS 17 Parts Parts 1. Preliminary – Definitions 2. Jurisdiction of courts 3. SECP 4. Incorporation of Companies 5. Prospectus, Allotment & Issuance of shares 6. Share Capital and Debentures 7. Registration of Mortgages Charges etc 8. Management of Companies 9. NBFCs 10. Arbitration, Arrangement and Reconstruction 11. Prevention of Oppression 12. Winding up
  8. C: CONSTITUENTS 17 Parts Parts 13. Application of Ordinance to companies registered under previous Companies Acts 14. Winding up of unregistered companies 15. Companies established outside Pakistan 16. Registration Office and Fees 17. General
  9. C: CONSTITUENTS Schedules (8) A: First: Tables (6): 1. Registration for Management of a company limited by share 2. Memorandum of Association of a company limited by shares 3. Memorandum and Articles of Association of a company limited by guarantee and not having share capital 4. Memorandum and Articles of Association of a company limited by guarantee and having a share capital. 5. Memorandum and Articles of Association of an unlimited company having a share capital 6. Repealed
  10. C: CONSTITUENTS Schedules (8) B: Second (3): Part I: Matters to be specified in Prospectus and Reports to be set out therein Part II: Form of Statement in Lieu of Prospectus Part III: Prospectus on converting into public company from a private company C: Third (2) Form A: Annual Return of a company having share capital Form B: Annual Return of company not having share capital D: Fourth Balance Sheet and Profit & Loss Account of a listed company
  11. C: CONSTITUENTS Schedules (8) E: Fifth: Balance sheet and profit & loss accountant of non-listed company F: Sixth: Table of Fees to be paid to: - Registrar - SECP G: Seventh: Enactments repealed H: Eight: Amendment of Ordinance XVII of 1969
  12. D: OBJECTIVES 1. Consolidation - 1913 - 1918, 1958, 1969 - 1972 2. Healthy Growth of Corporate Enterprises - Registered companies (Around 60,000) 3. Protection of Investors & Creditors - Transparency of information - Financial information - Yearly - Six monthly - Quarterly
  13. D: OBJECTIVES 4. Promotion of Investment of Economy - Listing - Market Capitalization (US $ 38b)
  14. E: MAJOR ASPECTS SECP Role Company Formation Reading of Prospectus Contents Auditors' Report Profit & Loss and assets and liabilities Rate of dividends etc for 5 years Issuance of Shares Registration of Mortgages and Charges Section 121: Eleven Management of Companies Directors Chief Executive Managing Agents Investments
  15. E: MAJOR ASPECTS 7. NBFCs Scope Preparation of Annual Accounts Books of Accounts Financial Statements Balance Sheet Profit a & Loss Funds Flow Auditors Report Directors Report Corporate Governance 4th & 5thSchedules
  16. E: MAJOR ASPECTS 9. Auditors Appointment Independence Audit Committee Reports Statutory Report Prospectus Annual Accounts Declaration of Solvency by Directors 10. Divisible Profit Concept Case law
  17. E: MAJOR ASPECTS 11. Exercise of Borrowing Power Approval Debentures Mortgages & Charges Registration 12. Foreign Companies Meaning Financial Matters 13. Winding up Voluntary Court Creditors 14. Others Sickness Reconstruction
  18. THANK YOU FOR ATTENTIVE LISTENING. ASK ANY QUESTIONS.
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