- The document is a notification from the Government of Pakistan Securities and Exchange Commission of Pakistan regarding new rules called the Single Member Companies Rules, 2003.
- The rules define terms related to single member companies, outline requirements for single member companies including appointing a nominee director and filing nominations, and set procedures for a single member company changing status to a private company or vice versa.
- The rules provide a framework to regulate companies with a single member in Pakistan.
Chapter 3 Private, Public and Global EntreprisesRitvik Tolumbia
A fantastic PPT on forms of public sector entreprises. The PPT contains a detailed description about the various forms of doing public sector business. It discusses the meaning, features, merits and demerits of each form.
This document discusses different types of business undertakings in India, including public sector enterprises. It describes the characteristics and forms of public sector enterprises, which include departmental undertakings, public corporations, and government companies. The roles, merits and demerits of each form are summarized. Additionally, the document discusses the changing role of public sector enterprises in India with economic reforms and the need to reform loss-making public sector units.
1. The document discusses multinational corporations (MNCs), which are companies that operate in more than one country. MNCs have headquarters in their home country but also have offices, factories, and other assets in other countries.
2. The document outlines some advantages of MNCs such as economic development through foreign capital and technology transfers, industrial growth through assistance to local producers, and work culture introductions. However, some disadvantages are also discussed, such as technologies not fully fitting developing countries' needs and MNCs prioritizing profits over host countries' development.
3. Examples of top MNCs by revenue are provided as well as statistics on which countries have the most MNCs, with
TYPES OF COMPANIES-Companies Act ,2013-SJCTNCAalbert Albert
Types of Companies in India can be categorized in several ways according to the Companies Act 2013:
1. Based on mode of formation, companies include Chartered Companies (formed by royal charter), Statutory Companies (formed under a special act of parliament), Private Limited Companies, and Public Limited Companies.
2. Based on liability, companies include Company Limited by Shares (members' liability limited to share capital), Company Limited by Guarantee (members' liability limited to a fixed amount guaranteed), and Unlimited Liability Company (members liable for company debts without limitation).
3. Other types include One Person Company (only one member), Government Company (owned by central/state government), Foreign Company, Small Company, D
The document provides an overview of the International Monetary Fund (IMF), including its establishment in 1945, roles and objectives, functions, organization structure, funding sources, membership, successes and failures working with India. The IMF was established at Bretton Woods to promote international monetary cooperation and global economic stability. It provides loans and policy advice to members and works to establish a framework for stable currency exchange rates.
This document provides an analysis of the annual reports of Square Pharmaceuticals Ltd. for fiscal years 2015-16 and 2016-17. Key findings from the analysis include:
- Revenue declined compared to 2014-15, while gross profit increased in 2015-16 and remained steady in 2016-17. Current assets increased significantly in both years, while current liabilities grew at a lower rate.
- Profits after tax grew 15% and 19% respectively in the two years despite stagnant revenue, showing strong operational capacity. Shareholders' equity also grew steadily.
- Ratios show return on assets declined in 2016-17 due to stagnant revenue despite asset growth. Gross profit ratio remained steady at 42%.
Chapter 3 Private, Public and Global EntreprisesRitvik Tolumbia
A fantastic PPT on forms of public sector entreprises. The PPT contains a detailed description about the various forms of doing public sector business. It discusses the meaning, features, merits and demerits of each form.
This document discusses different types of business undertakings in India, including public sector enterprises. It describes the characteristics and forms of public sector enterprises, which include departmental undertakings, public corporations, and government companies. The roles, merits and demerits of each form are summarized. Additionally, the document discusses the changing role of public sector enterprises in India with economic reforms and the need to reform loss-making public sector units.
1. The document discusses multinational corporations (MNCs), which are companies that operate in more than one country. MNCs have headquarters in their home country but also have offices, factories, and other assets in other countries.
2. The document outlines some advantages of MNCs such as economic development through foreign capital and technology transfers, industrial growth through assistance to local producers, and work culture introductions. However, some disadvantages are also discussed, such as technologies not fully fitting developing countries' needs and MNCs prioritizing profits over host countries' development.
3. Examples of top MNCs by revenue are provided as well as statistics on which countries have the most MNCs, with
TYPES OF COMPANIES-Companies Act ,2013-SJCTNCAalbert Albert
Types of Companies in India can be categorized in several ways according to the Companies Act 2013:
1. Based on mode of formation, companies include Chartered Companies (formed by royal charter), Statutory Companies (formed under a special act of parliament), Private Limited Companies, and Public Limited Companies.
2. Based on liability, companies include Company Limited by Shares (members' liability limited to share capital), Company Limited by Guarantee (members' liability limited to a fixed amount guaranteed), and Unlimited Liability Company (members liable for company debts without limitation).
3. Other types include One Person Company (only one member), Government Company (owned by central/state government), Foreign Company, Small Company, D
The document provides an overview of the International Monetary Fund (IMF), including its establishment in 1945, roles and objectives, functions, organization structure, funding sources, membership, successes and failures working with India. The IMF was established at Bretton Woods to promote international monetary cooperation and global economic stability. It provides loans and policy advice to members and works to establish a framework for stable currency exchange rates.
This document provides an analysis of the annual reports of Square Pharmaceuticals Ltd. for fiscal years 2015-16 and 2016-17. Key findings from the analysis include:
- Revenue declined compared to 2014-15, while gross profit increased in 2015-16 and remained steady in 2016-17. Current assets increased significantly in both years, while current liabilities grew at a lower rate.
- Profits after tax grew 15% and 19% respectively in the two years despite stagnant revenue, showing strong operational capacity. Shareholders' equity also grew steadily.
- Ratios show return on assets declined in 2016-17 due to stagnant revenue despite asset growth. Gross profit ratio remained steady at 42%.
Pakistan State Oil is a state-owned petroleum company based in Karachi, Pakistan. It has over 3,500 retail outlets and serves both retail and bulk customers. The company aims to be an innovative energy company of the future. It was established in 1974 and has over 3,000 employees. While the company has achieved market leadership, it faced challenges such as declining performance and dissatisfied employees that led to high turnover. The company addressed these issues through reforms like developing an ethanol alternative fuel, establishing HR departments in local offices, increasing employee salaries, and improving the work environment for managers.
The document discusses various definitions and concepts related to money:
1. It outlines traditional, Friedman's, and Gurley-Shaw definitions of money which increasingly broaden the scope of money to include near-money assets.
2. It describes the three main functions of money as a medium of exchange, unit of account, and store of value.
3. Theories of neutrality and non-neutrality of money are discussed in relation to prices, interest rates, and economic output in the short and long run.
4. Quantity theories of money like Fisher's equation and the Cambridge cash balance approach link the money supply to the price level and value of money through demand for real cash balances
A company is formed by individuals coming together with money, materials, management, and other resources to exploit business opportunities. The document summarizes the process of forming a company, which includes promotion, selection of a name, registration to get a certificate of incorporation, and raising share capital either through an IPO or by offering shares to existing members. It also describes key company documents like the memorandum of association, which establishes the company, and articles of association, which defines rules for matters like meetings and voting.
Ratio analysis on Pharmaceutical Companies: A study of BangladeshAL Babur Rahman
In this study, we analyzed 7 Pharmaceutical companies of Bangladesh to Measure their profitability, liquidity to Indicate overall efficiency and Determine financial solvency.
The document outlines the changing role and policies toward public sector enterprises (PSEs) in India since 1991. Key points include: (1) Reducing the number of reserved industries for PSEs from 17 to 3. (2) Pursuing disinvestment of PSEs by selling equity shares to the private sector and public. (3) Treating sick PSE units the same as private sector firms by evaluating restructuring or closure. (4) Improving PSE performance through Memorandums of Understanding setting targets and autonomy.
This document outlines the background, problem statement, objectives, hypothesis, and methodology for a study on working capital management at Arabian Industries LLC. Specifically:
1) The background provides context on working capital and its importance for business operations and financial health.
2) The problem statement identifies key issues like determining optimal levels of working capital components and financing sources.
3) The objectives are to maintain appropriate working capital levels and availability of funds, as well as ensure working capital does not negatively impact profitability.
4) The hypothesis is that working capital helps business goodwill and creates an environment of security, confidence, and efficiency.
5) The methodology will involve understanding working capital concepts, components,
This document discusses country risk analysis, which assesses potential risks and rewards of doing business in a country. Country risk represents adverse impacts of a country's environment on a multinational company's cash flows. Country risk analysis can be used to monitor countries where a company currently operates, screen countries to avoid excessive risk, and improve analysis for long-term investment decisions. It discusses political, economic, subjective, and financial factors to consider in country risk analysis. The presentation also outlines oversight policies and procedures that multinational companies employ to manage country risk exposure.
A project on working capital management in bhelProjects Kart
The document provides an overview of Bharat Heavy Electricals Limited (BHEL), a large Indian power equipment manufacturing company. It discusses BHEL's history, operations, quality certifications, product range, and power generation capabilities. Specific power projects completed by BHEL in southern and northern India are also listed. In under 3 sentences:
BHEL is a major Indian manufacturer of power generation and industrial equipment, with a history dating back to the 1950s. It has a wide range of thermal, gas, hydro, and industrial products and has completed numerous power projects across India. The document outlines BHEL's operations, certifications, products, power generation capabilities, and lists specific projects in southern and northern regions of India
Macroeconomic Condition of Bangladesh: An Overview of the Year 1996-2015Mohammad Istiaq Hasan
This an integrated analysis on the macroeconomic aspects of Bangladesh with a focus on GDP, unemployment, inflation. The analysis conducted with the historical data of the year 1996 to 2015 collected from World Development Indicator of the World Bank.
The document provides information about SAARC (South Asian Association for Regional Cooperation), a regional intergovernmental organization comprising 8 South Asian nations. It discusses SAARC's history, formation in 1985 to promote economic and regional integration, objectives of collective progress and cooperation. Key details include SAARC's symbol depicting territorial integrity and peaceful dispute resolution, 9 observer countries, and various economic and social goals. Centers and recognized bodies supporting different areas are also mentioned. [END SUMMARY]
Financial ratio analysis of pepsico and coco colaharanadhreddy2
The document analyzes and compares the financial performance of PepsiCo and Coca-Cola from 2014-2016 using ratio analysis. It finds that both companies need to improve their current and liquid ratios to meet ideal levels. PepsiCo has higher debt ratios, indicating greater reliance on creditors than own funds, while Coca-Cola has stronger proprietary ratios. PepsiCo also has higher inventory turnover but lower gross and operating profit margins than Coca-Cola. Overall, the document concludes that Coca-Cola's financial position is stronger with better cost control and profitability, while PepsiCo needs to reduce debt reliance and improve liquidity.
This strategic business plan summarizes the current situation of Ghandhara Nissan Limited (GNL), a Pakistani automotive company. GNL has low market share and struggling financial performance. The plan analyzes GNL's past performance, current strategies and objectives, including a focus on light commercial vehicles, trucks, and buses. It also discusses Nissan's global and Pakistan operations and provides an overview of GNL's board of directors and corporate governance.
About Monetary policy review committee role, function, issues, challenges and way that how to solve those problem. Reason for increasing the problems in monetary policies. How monetary policy committee members are selected.
The document discusses factors that determine foreign exchange rates, including:
- Fundamental factors like the balance of payments, economic growth rates, fiscal and monetary policy, interest rates, and political stability.
- Technical factors like government control of exchange rates and capital flows between countries.
- Speculation, which can increase exchange rate volatility.
It also examines how market fundamentals, expectations, and capital asset transfers impact exchange rates in the short-term, while economic activity, inflation, investment, trade policy influence long-term exchange rates. Purchasing power parity is discussed as a better way to compare GDP between countries than market exchange rates.
The Asian Development Bank (ADB) was established in 1966 to promote economic and social progress in Asia and the Pacific. It works to reduce poverty and improve living conditions through loans, technical assistance, grants, and equity investments for projects focused on social and economic development. The ADB serves 68 member countries across the region and provides affordable financing and support for infrastructure projects, as many parts of Asia still lack adequate access to electricity, water, sanitation and transportation.
This document discusses partnership accounts in accounting. It defines a partnership as an agreement between two or more people to do business together to earn profits. It outlines the key contents of a partnership deed, including names of partners, capital contributions, profit/loss sharing ratios, interest payments, and duties. The document also discusses advantages like shared risk, and disadvantages like unlimited liability. It explains double-entry accounting for partnership transactions and different types of partners.
PRESENTATION ON EXISTING COMPANIES LAW OF PAKISTANRafique Ahmed
This document provides an overview of key aspects of company law and the differences between companies and partnerships under Pakistani law. It defines types of companies, their structure and governance, and compares them to partnerships. The key points covered are limited liability, transferability of shares, management rights, accounting requirements, and how a company maintains its legal existence separate from its members.
INFLATION ITS TYPES, CAUSES, CONSEQUENCES AND MEASURES. PRABHJOT KAUR
Inflation is defined as a sustained increase in the price level or fall in the value of money. It occurs when the level of currency exceeds production. The value of money depreciates with inflation. There are different types of inflation including open, suppressed, galloping, creeping, and hyper inflation. Factors that can cause inflation include an increase in money supply, disposable income, deficit financing, and changes to agricultural and industrial growth. Ways to control inflation include monetary policies like credit control and demonetization, fiscal policies like reducing spending and increasing taxes and savings, and other measures to increase production and implement price controls.
The Asian Development Bank (ADB) is a multilateral development bank owned by 67 members that aims to reduce poverty in Asia and the Pacific. Headquartered in Manila, Philippines, ADB provides loans and technical assistance to its developing member countries for public and private sector projects. In 2008, ADB's largest borrower was India with $2.9 billion in loans. ADB focuses on inclusive, environmentally sustainable growth and regional integration under its long-term Strategy 2020.
This discusses the Chapter II of Companies Act 2013 regarding the Incorporation of Company and its comparison with the provisions of Companies Act 1956
Companies (Incorporation) Third Amendment Rules, 2016GAURAV KR SHARMA
The notification amends the Companies (Incorporation) Rules, 2014 to:
1. Allow a natural person to be a member of only one One Person Company.
2. Require consent from trademark owners when including their trademarks in company names.
3. Simplify document filing requirements and allow digital signatures for some documents.
4. Introduce new rules for converting unlimited liability companies to limited liability companies.
Pakistan State Oil is a state-owned petroleum company based in Karachi, Pakistan. It has over 3,500 retail outlets and serves both retail and bulk customers. The company aims to be an innovative energy company of the future. It was established in 1974 and has over 3,000 employees. While the company has achieved market leadership, it faced challenges such as declining performance and dissatisfied employees that led to high turnover. The company addressed these issues through reforms like developing an ethanol alternative fuel, establishing HR departments in local offices, increasing employee salaries, and improving the work environment for managers.
The document discusses various definitions and concepts related to money:
1. It outlines traditional, Friedman's, and Gurley-Shaw definitions of money which increasingly broaden the scope of money to include near-money assets.
2. It describes the three main functions of money as a medium of exchange, unit of account, and store of value.
3. Theories of neutrality and non-neutrality of money are discussed in relation to prices, interest rates, and economic output in the short and long run.
4. Quantity theories of money like Fisher's equation and the Cambridge cash balance approach link the money supply to the price level and value of money through demand for real cash balances
A company is formed by individuals coming together with money, materials, management, and other resources to exploit business opportunities. The document summarizes the process of forming a company, which includes promotion, selection of a name, registration to get a certificate of incorporation, and raising share capital either through an IPO or by offering shares to existing members. It also describes key company documents like the memorandum of association, which establishes the company, and articles of association, which defines rules for matters like meetings and voting.
Ratio analysis on Pharmaceutical Companies: A study of BangladeshAL Babur Rahman
In this study, we analyzed 7 Pharmaceutical companies of Bangladesh to Measure their profitability, liquidity to Indicate overall efficiency and Determine financial solvency.
The document outlines the changing role and policies toward public sector enterprises (PSEs) in India since 1991. Key points include: (1) Reducing the number of reserved industries for PSEs from 17 to 3. (2) Pursuing disinvestment of PSEs by selling equity shares to the private sector and public. (3) Treating sick PSE units the same as private sector firms by evaluating restructuring or closure. (4) Improving PSE performance through Memorandums of Understanding setting targets and autonomy.
This document outlines the background, problem statement, objectives, hypothesis, and methodology for a study on working capital management at Arabian Industries LLC. Specifically:
1) The background provides context on working capital and its importance for business operations and financial health.
2) The problem statement identifies key issues like determining optimal levels of working capital components and financing sources.
3) The objectives are to maintain appropriate working capital levels and availability of funds, as well as ensure working capital does not negatively impact profitability.
4) The hypothesis is that working capital helps business goodwill and creates an environment of security, confidence, and efficiency.
5) The methodology will involve understanding working capital concepts, components,
This document discusses country risk analysis, which assesses potential risks and rewards of doing business in a country. Country risk represents adverse impacts of a country's environment on a multinational company's cash flows. Country risk analysis can be used to monitor countries where a company currently operates, screen countries to avoid excessive risk, and improve analysis for long-term investment decisions. It discusses political, economic, subjective, and financial factors to consider in country risk analysis. The presentation also outlines oversight policies and procedures that multinational companies employ to manage country risk exposure.
A project on working capital management in bhelProjects Kart
The document provides an overview of Bharat Heavy Electricals Limited (BHEL), a large Indian power equipment manufacturing company. It discusses BHEL's history, operations, quality certifications, product range, and power generation capabilities. Specific power projects completed by BHEL in southern and northern India are also listed. In under 3 sentences:
BHEL is a major Indian manufacturer of power generation and industrial equipment, with a history dating back to the 1950s. It has a wide range of thermal, gas, hydro, and industrial products and has completed numerous power projects across India. The document outlines BHEL's operations, certifications, products, power generation capabilities, and lists specific projects in southern and northern regions of India
Macroeconomic Condition of Bangladesh: An Overview of the Year 1996-2015Mohammad Istiaq Hasan
This an integrated analysis on the macroeconomic aspects of Bangladesh with a focus on GDP, unemployment, inflation. The analysis conducted with the historical data of the year 1996 to 2015 collected from World Development Indicator of the World Bank.
The document provides information about SAARC (South Asian Association for Regional Cooperation), a regional intergovernmental organization comprising 8 South Asian nations. It discusses SAARC's history, formation in 1985 to promote economic and regional integration, objectives of collective progress and cooperation. Key details include SAARC's symbol depicting territorial integrity and peaceful dispute resolution, 9 observer countries, and various economic and social goals. Centers and recognized bodies supporting different areas are also mentioned. [END SUMMARY]
Financial ratio analysis of pepsico and coco colaharanadhreddy2
The document analyzes and compares the financial performance of PepsiCo and Coca-Cola from 2014-2016 using ratio analysis. It finds that both companies need to improve their current and liquid ratios to meet ideal levels. PepsiCo has higher debt ratios, indicating greater reliance on creditors than own funds, while Coca-Cola has stronger proprietary ratios. PepsiCo also has higher inventory turnover but lower gross and operating profit margins than Coca-Cola. Overall, the document concludes that Coca-Cola's financial position is stronger with better cost control and profitability, while PepsiCo needs to reduce debt reliance and improve liquidity.
This strategic business plan summarizes the current situation of Ghandhara Nissan Limited (GNL), a Pakistani automotive company. GNL has low market share and struggling financial performance. The plan analyzes GNL's past performance, current strategies and objectives, including a focus on light commercial vehicles, trucks, and buses. It also discusses Nissan's global and Pakistan operations and provides an overview of GNL's board of directors and corporate governance.
About Monetary policy review committee role, function, issues, challenges and way that how to solve those problem. Reason for increasing the problems in monetary policies. How monetary policy committee members are selected.
The document discusses factors that determine foreign exchange rates, including:
- Fundamental factors like the balance of payments, economic growth rates, fiscal and monetary policy, interest rates, and political stability.
- Technical factors like government control of exchange rates and capital flows between countries.
- Speculation, which can increase exchange rate volatility.
It also examines how market fundamentals, expectations, and capital asset transfers impact exchange rates in the short-term, while economic activity, inflation, investment, trade policy influence long-term exchange rates. Purchasing power parity is discussed as a better way to compare GDP between countries than market exchange rates.
The Asian Development Bank (ADB) was established in 1966 to promote economic and social progress in Asia and the Pacific. It works to reduce poverty and improve living conditions through loans, technical assistance, grants, and equity investments for projects focused on social and economic development. The ADB serves 68 member countries across the region and provides affordable financing and support for infrastructure projects, as many parts of Asia still lack adequate access to electricity, water, sanitation and transportation.
This document discusses partnership accounts in accounting. It defines a partnership as an agreement between two or more people to do business together to earn profits. It outlines the key contents of a partnership deed, including names of partners, capital contributions, profit/loss sharing ratios, interest payments, and duties. The document also discusses advantages like shared risk, and disadvantages like unlimited liability. It explains double-entry accounting for partnership transactions and different types of partners.
PRESENTATION ON EXISTING COMPANIES LAW OF PAKISTANRafique Ahmed
This document provides an overview of key aspects of company law and the differences between companies and partnerships under Pakistani law. It defines types of companies, their structure and governance, and compares them to partnerships. The key points covered are limited liability, transferability of shares, management rights, accounting requirements, and how a company maintains its legal existence separate from its members.
INFLATION ITS TYPES, CAUSES, CONSEQUENCES AND MEASURES. PRABHJOT KAUR
Inflation is defined as a sustained increase in the price level or fall in the value of money. It occurs when the level of currency exceeds production. The value of money depreciates with inflation. There are different types of inflation including open, suppressed, galloping, creeping, and hyper inflation. Factors that can cause inflation include an increase in money supply, disposable income, deficit financing, and changes to agricultural and industrial growth. Ways to control inflation include monetary policies like credit control and demonetization, fiscal policies like reducing spending and increasing taxes and savings, and other measures to increase production and implement price controls.
The Asian Development Bank (ADB) is a multilateral development bank owned by 67 members that aims to reduce poverty in Asia and the Pacific. Headquartered in Manila, Philippines, ADB provides loans and technical assistance to its developing member countries for public and private sector projects. In 2008, ADB's largest borrower was India with $2.9 billion in loans. ADB focuses on inclusive, environmentally sustainable growth and regional integration under its long-term Strategy 2020.
This discusses the Chapter II of Companies Act 2013 regarding the Incorporation of Company and its comparison with the provisions of Companies Act 1956
Companies (Incorporation) Third Amendment Rules, 2016GAURAV KR SHARMA
The notification amends the Companies (Incorporation) Rules, 2014 to:
1. Allow a natural person to be a member of only one One Person Company.
2. Require consent from trademark owners when including their trademarks in company names.
3. Simplify document filing requirements and allow digital signatures for some documents.
4. Introduce new rules for converting unlimited liability companies to limited liability companies.
The document provides information on the regulatory provisions and procedures related to changing the name, objects, and registered office of a company under various sections of the Companies Act, 1956. It discusses the requirements for changing the name of a company through a special resolution and with approval of the central government. It also outlines the procedures for shifting a registered office within and between states.
The document provides information on the regulatory provisions and procedures related to changing the name, objects, and registered office of a company under various sections of the Companies Act, 1956. It discusses the requirements for changing the name of a company through a special resolution and with approval of the central government. It also outlines the procedures for shifting a registered office within and between states.
This notification sets out rules related to One Person Companies under the Companies Act, 2013. Some key points:
- Only natural persons who are Indian citizens and residents can incorporate or be a nominee for a One Person Company.
- Rules around nomination of another person by the subscriber in case of death or incapacity, including procedures for changing nominees.
- Restrictions on One Person Companies such as not being able to carry out non-banking financial activities.
- Requirements for a One Person Company to convert into a private or public company if its paid up capital or turnover exceeds certain thresholds.
- Process for a private company to convert into a One Person Company if it meets size criteria.
This notification outlines rules related to One Person Companies under the Companies Act, 2013. Some key points:
- Only natural persons who are Indian citizens and residents can incorporate or be a nominee for a One Person Company.
- Nominees must be nominated to take over the company in the event of the subscriber's death or incapacity.
- Private companies can convert to One Person Companies if they meet certain paid-up capital and turnover thresholds.
- One Person Companies must convert to private or public companies if their paid-up capital or turnover exceeds certain thresholds.
- Names for companies cannot be too similar to existing companies and must not be offensive or resemble trademarks without consent.
The document discusses procedures related to changing a company's name, objects, and registered office. It provides details on the regulatory provisions, key points to consider, and steps involved in the procedures. Some of the main points covered include obtaining shareholder and government approvals for a name change, ensuring the new name is available and fits the company's activities, and filing the required forms with the Registrar of Companies.
One Person Company (OPC) is a new type of business structure introduced in India through the Companies Act, 2013. An OPC can be formed by only one natural person who is an Indian citizen, and provides a hybrid structure between a private limited company and proprietorship. Key requirements for an OPC include incorporation by a single member, nomination of another person in case of member's death or incapacity, and compliance with various regulatory filings including financial statements signed by one director. The document outlines the process for incorporating an OPC, ongoing compliance requirements, and various relaxations provided such as exemption from holding annual general meetings and requirement of cash flow statement in financial statements.
APPOINTMENT OF MANAGING OR WHOLETIME DIRECTORCS Ashish Shah
The document provides steps to appoint and remove managing directors and whole time directors in a company.
1. It outlines convening a board meeting and general meeting, passing resolutions, filing necessary forms with the registrar of companies, and obtaining central government approval if required to appoint a managing director or whole time director.
2. For removal, it notes the appointment is a contract and removal may require compensation, and outlines providing notice and representations if removing a managing or whole time director before the end of their term.
The document discusses rules related to forming a One Person Company (OPC) according to the Companies Act of 2013. It states that an OPC can be formed by one person, who must be an Indian citizen resident in India. It also outlines rules for nominating another person who would become the member in case of the subscriber's death or incapacity. This includes filing consent forms with the registrar and notifying them of any changes to the nominee. Penalties for contravening these OPC rules include fines up to Rs. 10,000 plus Rs. 1,000 per day for continued violations.
This document provides suggested solutions to questions on the Public Accountants Examination Council of Malawi 2013 Examinations for the Accounting Technician Programme paper on Company Law. It discusses key differences between partnerships and companies, the roles and duties of company promoters and directors, types of company shares, and processes for voluntary winding up of companies. The summary covers company formation, ownership, governance, and dissolution.
This document summarizes the key differences between private and public companies under the Companies Act of 1956 in India. It explains that private companies can have 2-50 members and a minimum paid-up capital of Rs. 1 lakh, while public companies can have 7 or more members and a minimum paid-up capital of Rs. 5 lakh. Private companies are more limited in their ability to invite public investment and have less regulatory requirements than public companies. The document also outlines the detailed process for converting a private company into a public company to comply with statutory rules.
1. The document outlines rules for the registration of companies under Part I of Chapter XXI of the Companies Act, 2013. It details the process and requirements for registering a limited liability partnership, firm, cooperative society, or other business entity as a company with limited liability.
2. Key requirements for registration include submitting documents like member lists, director details, affidavits, entity formation documents, financial statements, and evidence of member consent. Advertisements must be published to notify the public and allow for objections.
3. Once the Registrar reviews the application and ensures any objections are addressed, they may issue a certificate of incorporation, officially registering the new company if all criteria are met. The rules aim to standard
The document summarizes key provisions around independent directors, women directors, related party transactions, corporate social responsibility committees, and other committees under the Companies Act 2013 in India. It outlines requirements for independent directors, qualifications for independent directors, their term and appointment process. It also discusses provisions around having a woman director, defining related parties and transactions with them, and mandatory committees around corporate social responsibility, audits, nominations and remuneration, and stakeholders' relationship.
Voluntary Liquidation or winding up a solvent company in South Africa.
A company may be wound-up voluntary if the company has by special resolution resolved that it be so wound up . When applying for the voluntary liquidation of a company or close corporation sections 349 to 353 of the Companies Act 61 of 1973 (“the Act”) is applicable. Voluntary liquidation can be applied for by the members of creditors .
If you are looking for assistance with winding up of your company or voluntary liquidation, please contact me via LinkedIn or at helpme@businessrescue.co.za.
Nothing in this publication should be construed as legal advice from this firm. These publications are general summaries of developments or principles of interest that may not apply directly to specific circumstances. Professional advice should, therefore, be sought before any action is taken.
Business Rescue cc is based in Pretoria, South Africa. If you are looking for assistance with winding up of your company or voluntary liquidation, please contact me via LinkedIn or at helpme@businessrescue.co.za. More info on the company can be found on our website: http://www.businessrescue.co.za/.
This document outlines amended and restated bylaws for Terex Corporation. Key points include:
- Procedures for annual and special stockholder meetings, including requirements for submitting nominations of directors and proposals.
- Requirements for providing notice of stockholder meetings and fixing the record date.
- Quorum requirements and voting procedures for stockholder actions.
- Conduct of stockholder meetings and allowance for voting by proxy.
This document outlines amended and restated bylaws for Terex Corporation. Key points include:
- Details meeting procedures and requirements for annual and special stockholder meetings, including notice periods, place of meetings, quorum, and voting.
- Specifies requirements for stockholder nominations for the board of directors and proposals of other business to be conducted at meetings.
- Establishes provisions for fixing record dates, maintaining voting records, and use of proxies.
The document summarizes the process of strike off or removal of a company's name from the register of companies under the Companies Act, 2013 in India. There are two modes of strike off - by the Registrar of Companies under Section 248(1) if certain conditions are met, or by a company applying on its own under Section 248(2). The process involves issuing notices, publishing notices, restrictions on certain types of companies, effects of dissolution, penalties for fraudulent applications, and rights of appeal. The summary aims to provide a concise overview of the key details and steps involved in the strike off process for companies in India according to the Companies Act.
The notification provides rules for companies to obtain the status of a dormant company under the Companies Act, 2013. Key points:
- A company can apply to the Registrar for dormant status by filing Form MSC-1 along with fees. It must pass a special board and shareholder resolution.
- To be eligible, the company cannot have any ongoing legal proceedings, defaults, loans or assets/liabilities. It must have no business operations or transactions for the past 2 years.
- The Registrar can grant a certificate in Form MSC-2 confirming dormant status. A dormant company must file an annual return and have a minimum of 1-3 directors depending on company type
Similar to Single member companies rules,2003 (20)
Company documents establish the rules and regulations that govern a company's operations and management. The order of importance from most authoritative to least is ordinance, memorandum of association, articles of association, agreements, and resolutions. These documents outline the powers and responsibilities of shareholders, directors, and officers in managing the company.
This memorandum of association outlines the key clauses for establishing a company, including:
1) The name clause which specifies the name and type of company being SMC-PVT Ltd. as a private limited company.
2) The registered office clause detailing the office will be situated in Islamabad Capital Territory.
3) The object clause outlines the principal line of business and exceptions including not engaging in unlawful activities like MLM schemes.
This document contains a list of 81 companies registered in Pakistan. For each company, it provides the registration number, old registration number if applicable, company name, and registered address. The companies cover a range of industries and are registered across different cities in Pakistan including Karachi, Lahore, Islamabad, and others.
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1. GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Islamabad, the December 2, 2003.
NOTIFICATION
S.R.O. 1086 (I)/2003.- In exercise of the powers conferred by sub-section (1) of
section 506 of the Companies Ordinance, 1984 (XLVII of 1984), read with clause (b) of
section 43 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of
1997), the Securities and Exchange Commission of Pakistan, with the approval of the
Federal Government, is pleased to make the following rules, the same having been
published previously as required by the said section 506, namely:-
1. Short title, commencement and application.- (1) These rules may be
called the Single Member Companies Rules, 2003.
(2) These rules shall come into force at once.
(3) These rules shall apply to –
(a) a company incorporated as single member company; and
(b) a private company limited by shares which has more than one
member and becomes a single member company after complying
with the requirements of these rules.
2. Definitions.- (1) In these rules, unless there is anything repugnant in the
subject or context,-
2. (a) “alternate nominee director” means an individual nominated by a
single member to act as nominee director in case of non-
availability of nominee director;
(b) “Form” means the Form annexed to these rules;
(c) “nominee director” means an individual nominated by a single
member to act as director in case of his death;
(d) “Ordinance” means the Companies Ordinance, 1984 (XLVII of
1984);
(e) “private company” means a private company which is not a single
member company;
(f) “section” means section of the Ordinance;
(g) “single member company” or “SMC” means a private company
which has only one member; and
(h) “sole director” means the director of a single member company
who is for the time being the only director.
(2) The words and expressions used but not defined in these rules shall have
the same meaning as are assigned to them in the Ordinance.
3. Single member company.- A single person may form a single member
company and it shall be incumbent on such person to file with the registrar at the time of
incorporation a nomination in the form as set out in Form S1 indicating at least two
individuals to act as nominee director and alternate nominee director, in accordance with
the provisions of rule 7, of the company in the event of his death and where the
membership of a single member company is transferred to a new member, the company
3. shall, within fifteen days from such transfer, also file with the registrar, a nomination in
the form as set out in FormS1:
Provided that a nominee director shall be an individual other than the secretary
and to whom the condition of being a member of the company shall not apply:
Provided further that a single member of a company originally incorporated as a
single member company, or converted as such before commencement of these rules, shall
also file nomination in the form as set out in Form S1 within two months of the
commencement of these rules.
4. Change in status of a single member company.- (1) A single member
company may be converted into a private company on increase of the number of its
members to more than one due to transfer of shares or further allotment of shares or death
of the single member or operation of law and a single member company converting into a
private company,-
(a) shall, in case of transfer of shares or further allotment of shares,-
(i) pass a special resolution for change of status from single
member company to private company and alter its articles
accordingly within thirty days of transfer of shares or
further allotment of shares; and
(ii) appoint and elect one or more additional directors in
pursuance of clause (b) of sub-section (1) of section 174
within fifteen days of date of passing of the special
resolution and notify the appointment on Form 29
prescribed under the Companies (General Provisions and
4. Forms) Rules, 1985 (hereinafter referred to as “Form 29”)
within fourteen days;
(b) may, in case of death of single member, either be wound up in
accordance with the provisions of the Ordinance or be converted
into private company for which,—
(i) the nominee director shall transfer the shares in the name of
the legal heirs of the single member within seven days;
(ii) the company shall pass a special resolution for change of
status from single member company to private company
and alter its articles accordingly within thirty days of
transfer of shares; and
(iii) the members shall appoint and elect one or more additional
directors in pursuance of clause (b) of sub-section (1) of
section 174 within fifteen days of date of passing of the
special resolution and notify the appointment on Form 29
within fourteen days of date of such appointment; and
(c) shall, in case of operation of the law,-
(i) transfer the shares, within seven days, in the name of
relevant persons to give effect to the order of the court or
any other authority;
(ii) pass a special resolution for change of status from single
member company to private company and alter its articles
accordingly within thirty days of transfer of shares; and
(iii) appoint additional director or directors in pursuance of
clause (b) of sub-section (1) of section 174 within fifteen
5. days of date of passing of the special resolution and notify
the appointment on Form 29 within fourteen days of date of
such appointment.
(2) A single member company originally incorporated or converted from
private company as such may convert into private company in accordance with the
provisions of sub-rule (1).
(3) The persons becoming members due to transfer or transmission or further
allotment of shares, as the case may be, shall pass a special resolution to make alteration
in articles and appoint one or more additional directors.
(4) Where a single member company converts into a private company
pursuant to sub-rule (1), it shall file a notice of the fact in writing in the form as set out in
Form S2, with the registrar within sixty days from the date of passing of special
resolution.
5. Meetings of directors and members.- Any provision of the Ordinance or
rules made thereunder or articles of the company which-
(a) enables or requires any matter to be done or to be decided by
directors or members, as the case may be, of the company; or
(b) requires any matter to be decided by a resolution of the directors or
members, as the case may be, of the company,
shall be deemed to be satisfied if the decision is taken by the single member or sole
director, as the case may be, and is drawn up in writing and recorded in the minutes book.
6. Company secretary.- (1) A single member company shall appoint a
company secretary within fifteen days of incorporation or of becoming a single member
6. company or of the office of company secretary falling vacant and notify such
appointment on Form 29 within fourteen days of the date of such appointment:
Provided that the sole director shall not be the company secretary.
(2) The company secretary shall attend and cause a fair and accurate summary
of the minutes of all proceedings of general meetings and meetings of director or
directors, as the case may be, along with the names of those participating in such
meetings to be entered in properly maintained minutes book.
7. Transfer of management to nominee director.- (1) The single member
shall nominate two individuals, one of whom shall become nominee director in case of
death of single member and the other shall become alternate nominee director to work as
nominee director in case of non-availability of the nominee director.
(2) The nominee director shall,-
(a) manage the affairs of the company in case of death of single
member till the transfer of shares to legal heirs of the single
member;
(b) inform the registrar concerned of death of the single member,
provide particulars of the legal heirs and in case of any impediment
report the circumstances seeking the directions in the form as set
out in Form S3 within seven days of the death of the single
member;
(c) transfer the shares to legal heirs of the single member; and
(d) call the general meeting of the members to elect directors.
7. (3) It shall also be incumbent upon the company secretary to inform the
registrar concerned about the death of the single member.
(4) In case of any impediment due to transfer of shares, or election of
directors or any other circumstances, the registrar concerned shall call, or direct to calling
of the meeting of legal heirs, in exercise of the powers conferred by section 170 in such
manner as he deems fit and give such directions with regard to election of directors and
making alteration in the articles, if any, and such ancillary and consequential directions as
he thinks expedient in relation to calling, holding and conducting of the meeting.
8. Contracts with single member.- Where a single member company
enters into a contract with the single member of the company, the single member
company shall, unless the contract is in writing, ensure that the terms of the contract are
forthwith set out in a written memorandum or are recorded in the minutes of the first
meeting of the directors of the company following the making of the contract.
9. Company becoming a single member company.- (1) No private
company having two or more members on the commencement of these rules, shall
become a single member company unless it passes a special resolution for change of its
status and makes necessary alteration in its articles and obtains approval of the
Commission.
(2) An application for seeking approval under sub-rule (1) shall be submitted
in the form as set out in Form S4 and shall be submitted to the Commission by the
company not later than thirty days from the date on which the special resolution for
change of status to single member company was passed.
8. (3) The Commission on being satisfied, after obtaining such further
information as it may consider necessary, grant the approval applied for subject to such
conditions as it may deem fit to impose.
(4) The company shall transfer shares in the name of single member within
fifteen days of the approval of the Commission and notify change in the board of
directors on Form 29 within fourteen days from date of transfer of shares.
(5) A certified copy of the order containing the approval under sub-rule (1),
together with a notice in the form as set out in Form S5 and a nomination of nominee
directors in the form as set out in Form S1 shall be filed with the registrar concerned
within the time as specified in rule 3.
10. “XYZ (SMC-Private) Limited ” to be the pattern and style of the
name of a single member company.- (1) “XYZ (SMC-Private) Limited” shall be the
pattern and style of the name of a single member company and the parenthesis, letters,
hyphen and words “(SMC-Private) Limited”, shall from part of the name of every single
member company.
(2) On change of status of a private company into a single member company,
the registrar concerned shall issue a certificate in the form as set out in Form S6, and the
parenthesis, letters, hyphen and words “(SMC-Private) Limited” shall from part of the
name of the company.
(3) On change of status of a single member company into a private company,
the registrar concerned shall issue a certificate in the form as set out in Form S7 omitting
the letters and hyphen “SMC-” from part of the name of the single member company.
9. 11. Regulations of single member company.- A single member company
may adopt the regulations as set out in Form S8, as its articles or as nearly as possible
thereto.
FORM S1
[See rules 3 and 9(5)]
THE COMPANIES ORDINANCE, 1984
NOTICE OF NOMINATION OF NOMINEE DIRECTOR BY SINGLE MEMBER OF
A SINGLE MEMBER COMPANY
Please complete in typescript or in bold block capitals.
1. Incorporation Number:
2. Name of the Company:
3. Fee paid Rs:
4. Name and branch of bank:
Day Month Year
5. Date of payment:
6. Bank Challan No: (Bank Challan to be attached in original).
7. Name, NIC No., address and relationship of legal heirs:
Name. NIC No. Address. Relationship.
8. Name, NIC No., and address of nominee directors:
Name. NIC No. Address. Status.
Nominee
director.
10. Alternate
nominee
director.
9. Consent of nominee director: I, hereby, consent to act as nominee director of the company in
case of death of the single member.
Signature of nominee director.
10. Consent of alternate nominee director: I, hereby, consent to act as alternate nominee director of the
company in case of non-availability of nominee director.
Signature of alternate nominee director.
11. Signature of single member:
12. N.I.C No. of signatory:
Day Month Year
13. Date:
________________________________________
FORM S2
[See rule 4(2)]
THE COMPANIES ORDINANCE, 1984
NOTICE TO CHANGE OF STATUS OF A SINGLE MEMBER COMPANY INTO A
PRIVATE COMPANY
Please complete in typescript or in bold block capitals.
1. Incorporation Number:
2. Name of the Company:
3. Fee paid Rs:
4. Name and branch of bank:
Day Month Year
5. Date of payment:
11. 6. Bank Challan No: (Bank Challan to be attached in original).
1. Transfer of shares.
2. Further allotment of shares.
3. Death of single member.
7. Precise reasons for change of
status from single member
company to a private company:
4. Operation of law.
(Tick appropriate box)
Day Month Year8. Date of transfer of shares, further
allotment of shares, death or order
of the court, etc:
(Enclose attested copies of transfer deeds or return of allotment or
other document effecting the transfer of shares).
Day Month Year9. Date of special resolution for
change of status from single
member company to a private
company and alteration in articles:
(Enclose copy of special resolution).
10. Names, addresses and shareholding of present members:
Name. Address. Shares held.
Total.
11. Signature of chief executive:
12. Name:
13. Designation:
14. N.I.C No. of signatory:
Day Month Year
15. Date:
Notes: 1. The special resolution shall be passed by the members of the private company.
2. The notice shall be signed by the chief executive appointed by the directors of the
private company.
12. _________________________________________
FORM S3
[See rule 7(2)(b)]
THE COMPANIES ORDINANCE, 1984
NOTICE OF DEATH OF SINGLE MEMBER
Please complete in typescript or in bold block capitals.
1. Incorporation Number:
2. Name of the Company:
3. Fee paid Rs:
4. Name and branch of bank:
Day Month Year
5. Date of payment:
6. Bank Challan No: (Bank Challan to be attached in original).
Day Month Year
7. Date of death of member:
8. Names, NIC No., address and relationship of legal heirs:
Name. NIC No. Address. Relationship.
9. Circumstances leading to impediment, if any:
10. Signature of nominee director:
11. Name of signatory:
13. 12. N.I.C No. of signatory:
Day Month Year
13. Date:
_________________________________________
FORM S4
[See rule 9(2)]
THE COMPANIES ORDINANCE, 1984
APPLICATION TO THE SECURITIES AND EXCHANGE COMMISSION OF
PAKISTAN FOR THE APPROVAL TO CHANGE OF STATUS OF A PRIVATE
COMPANY INTO SINGLE MEMBER COMPANY
Please complete in typescript or in bold block capitals.
1. Incorporation Number:
2. Name of the Company:
3. Fee paid Rs:
4. Name and branch of bank:
Day Month Year
5. Date of payment:
6. Bank Challan No: (Bank Challan to be attached in original).
1. Transfer of shares.7. Precise reasons for changing of
status to single member company: 2. Other (please specify).
(Tick appropriate box)
8. Name of proposed single member:
9. Names and addresses of the major
creditors (of Rs.50,000 and above)
indicating the amount due to each:
(List and NOC of each creditor to be attached).
10. Date of filing the special resolution
with Registrar:
(Copy of special resolution and proposed altered articles be
attached).
14. 11. Verification: We do hereby solemnly and sincerely declare that:
(a) we are the directors / members of this company;
(b) the shares have not yet been transferred to the proposed
single member;
(c) the shareholders other than proposed single member are
wiling to transfer their shares;
(d) the information submitted in this application is correct and
that nothing has been withheld or suppressed; and
(e) we make this solemn declaration conscientiously believing
the same to be true.
12. Signature of directors / members:
13. Names and designations:
14. N.I.C No. of signatories:
Day Month Year
15. Date:
Notes: 1. The application shall be signed by all directors / members of the private
company.
2. The application shall be furnished in duplicate and one copy of the application
shall also be forwarded to registrar concerned.
___________________________________________
FORM S5
[See rule 9(5)]
THE COMPANIES ORDINANCE, 1984
NOTICE FOR CHANGE OF STATUS OF PRIVATE COMPANY INTO SINGLE
MEMBER COMPANY
Please complete in typescript or in bold block capitals.
1. Incorporation Number:
2. Name of the Company:
3. Fee paid Rs:
4. Name and branch of bank:
Day Month Year
5. Date of payment:
6. Bank Challan No: (Bank Challan to be attached in original).
15. Day Month Year
7. Date of transfer of shares:
(Enclose attested copies of transfer deeds and minutes
of meeting of directors).
8. Signature of single member /
secretary:
9. Name:
10. Designation: Single member. Secretary.
11. N.I.C No. of signatories:
Day Month Year
12. Date:
___________________________________
FORM S6
[See rule 10(2)]
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
CERTIFICATE ON CHANGE OF STATUS OF A PRIVATE COMPANY INTO A
SINGLE MEMBER COMPANY
Company Registration No.___________________
I hereby certify that pursuant to the provisions of rules 3 and 9 of the Single
Member Companies Rules, 2003, _______________________________________________
has, in compliance with the requirements precedent and incidental to the change of status of
a private company into a single member company, been converted into and registered as a
single member private limited company with effect from _______________.
Given under my hand at _________________ this _________________ day of
___________________two thousand and _____________________________
16. Fee Rs.________________________.
REGISTRAR OF COMPANIES*
*Designation of the officer signing the certificate.
___________________________________
FORM S7
[See rule 10(3)]
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
CERTIFICATE ON CHANGE OF STATUS OF A SINGLE MEMBER COMPANY
INTO A PRIVATE COMPANY
Company Registration No.___________________
I hereby certify that pursuant to the provisions of rule 4 of the Single Member
Companies Rules, 2003,_______________________________________________________
________________________________ has complied with the requirements precedent and
incidental to the change of status of a single member company into a private company and
converted into a private company with effect from _______________.
Given under my hand at _________________ this _________________ day of
___________________two thousand and _____________________________
Fee Rs.________________________.
REGISTRAR OF COMPANIES*
*Designation of the officer signing the certificate.
_______________________________
FORM S8
[See rule (11)]
17. REGULATIONS FOR MANAGEMENT
OF A SINGLE MEMBER PRIVATE COMPANY LIMITED BY SHARES
INTERPRETATION
1. In the interpretation of these articles the following expressions shall have the
following meanings unless repugnant to or inconsistent with the subject articles,-
(a) “alternate nominee director” means an individual nominated by the single
member to act as nominee director in case of non-availability of nominee
director;
(b) “company” or “this company” means XYZ (SMC-Private) Limited;
(c) “directors” or “board of directors” means board of directors so that it may
consist of only the sole director or more than one directors if so appointed
under the relevant provisions of the Ordinance;
(d) “in writing” means written or printed or partly written and partly printed
or lithographed or typewritten or other substitute for writing;
(e) “member director” means an individual becoming director due to
membership of the company in terms of clause (h) of section 187;
(f) “nominee director” means an individual nominated by the single member
to act as director in case of death of single member;
a. (g) “private company” means a private company other than a single
member company;
(h) “rule” means the rule of the Single Member Companies Rules, 2003;
(i) “Rules” means the Single Member Companies Rules, 2003;
(j) “section” means section of the Companies Ordinance, 1984 (XLVII of
1984); and
(k) “sole director” means the director of the company who is for the time
being the only director and the single member of the company.
PRELIMINARY
2. Any provision of the Ordinance or rules and regulations made thereunder which
apply in relation to a private company limited by shares incorporated under the
Ordinance shall, in the absence of any express provision to the contrary, apply in
relation to a single member company as it applies in relation to such a company
18. which is formed by two or more persons or which has two or more persons as
members.
SINGLE MEMBER COMPANY
3. The company is a single member company and as such being a Private Company
limited by shares—
(a) it shall not issue invitation to the public to subscribe for any share of the
company;
(b) the company shall not register any share(s) in the name of two or more
persons to hold one or more shares individually or jointly; and
(c) number of the members of the company shall be limited to one.
SHARES
4. The company may increase the nominal share capital in accordance with sections
92 and 94.
5. Share certificate(s) shall be issued under the seal of the Company and shall be
signed by the member director, and in case of his death, by the nominee director
and the secretary.
6. The company may, upon passing of a special resolution, issue further shares or
transfer existing shares or part thereof causing the number of members to become
two or more in accordance with the Rules but it shall become a private company
thereafter.
7. The company shall not transfer all of the shares of a single member to two or
more persons or part of shares of single member to other person(s) or allot further
shares to any person other than the single member or, at any time, allow transfer
of shares or allotment of shares or both resulting in number of members to
become two or more, except under the authority of a special resolution for change
of status from single member company to private company and to alter its articles
accordingly.
19. 8. The single member may transfer all of his shares to a single person under the
authority of an ordinary resolution whereby the company shall remain a single
member company as it was before such transfer.
9. A person whose name is entered as a member in the register of members shall
without payment, be entitled to receive, within ninety days after allotment or
within forty-five days of the application for registration of transfer, a certificate
under the seal specifying the share or shares held by him.
TRANSFER AND TRANSMISSION OF SHARES
10. Transfer and transmission of shares shall be in accordance with provisions of
sections 74 to 81.
11. In case of death of the single member, the power to register or refuse transfer of
shares shall be exercised by the secretary and the nominee director under the
Rules.
12. If the company allots further shares or the shares held by the single member are
transferred in total or in part and as a result thereof the company becomes a
private company, the fact that it has converted from a single member company to
a private company and number of its members has increased to two or more shall
be recorded in the register of members along with the date of the event and the
particulars of the members.
13. Transmission of shares to the legal heirs shall be recorded in the register of
members by the secretary and the nominee director.
CHANGE OF STATUS
15. 14. The company may convert itself from single member private
company to a private company in accordance with the provisions of rule 4.
GENERAL MEETINGS
20. 15. A general meeting, to be called annual general meeting, shall be held, in
accordance with the provisions of section 158 and rule 5.
16. All general meetings of the company other than an annual general meeting as
specified in section 158 shall be called extraordinary general meetings and shall
be deemed to be held in accordance with the provisions of rule 5.
17. The secretary shall attend all the meetings of the company but shall have no vote.
NOTICE AND PROCEEDINGS OF GENERAL MEETINGS
18. In case where the law specifies time period for giving of notice of any meeting of
the members or of director(s), requirements of the law shall be deemed to have
been complied with if both the secretary and the members are notified of the
meeting and they attend such meeting provided that in case of annual general
meeting the time period for giving of notice to the auditor of the company shall
not be less than twenty one days.
19. The single member present in person or through proxy shall be the quorum for the
general meeting provided that secretary shall not act as proxy of the single
member.
20. If the single member takes any decision which is required to be taken in a meeting
of the board or in the general meeting or by means of a resolution and such
decision is delivered by the single member in writing, within three days of such
decision, to the company for entry in the minute book and is so recorded, that
decision shall be valid as if agreed in such a meeting.
DIRECTOR(S)
21. The company shall always have the single member as a director but it may have
such number of other director(s) who fulfill the conditions as specified in section
187.
21. 22. The board or the general meeting shall not have the power to remove the member
director but the single member (or member director) shall have the power to
remove any director, chief executive or secretary through a resolution.
23. The director(s) shall have the powers as specified in section 196.
24. The director(s) shall appoint a chief executive in accordance with the provisions
of sections 198 and 199.
25. The director(s) shall cause minutes to be made in books as required under section
173.
SECRETARY
26. A single member private limited company shall appoint a secretary in terms of
section 204A and rule 6 who shall be responsible for discharge of duties and
functions normally discharged by a secretary under the corporate laws and
secretarial practice.
27. The secretary shall be appointed at the time of incorporation and subsequently on
the same day or the day next following his resignation or removal or in case of his
death within seven days of the event.
28. The sole director shall not be the secretary of the company.
CONTRACTS WITH THE SINGLE MEMBER
29. Contract between the company and single member shall be made in accordance
with the provisions of rule 8.
DIVIDENDS AND RESERVES
22. 30. The company may declare dividends and pay in accordance with the provisions of sections
248 to 251.
ACCOUNTS
31. The director(s) shall cause to keep proper books of account in accordance with the
provisions of section 230 and shall, as required by sections 233 and 236, cause to
be prepared and to be laid before the company in general meeting such profit and
loss accounts or income and expenditure accounts and balance sheets duly audited
and reports as are referred to in those sections. They shall in all respects comply
with the provisions of sections 230 to 236.
32. So long as the company has only one director, the requirements of section 241
shall be deemed to have been met if the balance sheet and profit and loss account
is authenticated by the sole director.
33. Auditors shall be appointed and their duties regulated in accordance with the
provisions of sections 252 to 255.
THE SEAL
34. The director(s) shall provide for the safe custody of the seal and the seal shall not
be affixed to any instrument except by the authority of a resolution of the board of
director(s) or by a committee of director(s) authorized in that behalf by the
member director and in the presence of at least member director and of the
secretary or such other person as the director(s) may appoint for the purpose; and
the member director and the secretary or other person as aforesaid shall sign every
instrument to which the seal of the company is affixed in their presence.
WINDING UP
35. The company shall follow, in case of its winding up, the relevant provisions of the
Companies Ordinance, 1984 (XLVII of 1984).
INDEMNITY
23. 36. Every officer or agent for the time being of the company may be indemnified out
of the assets of the company against any liability incurred by him in defending
any proceedings, whether civil or criminal arising out of his dealings in relation to
the affairs of the company, except those brought by the company against him, in
which judgment is given in his favour or in which he is acquitted, or in connection
with any application under section 488 in which relief is granted to him by the
Court.
________________________________________________________________________
[F.NO.CLD/602/1/2003]
(MOHAMMED HAYAT JASRA)
EXECUTIVE DIRECTOR