Numan new assignment
- 1. The gazette of Pakistan extra may 31, 2017. The booksof account maintainedbythe companywithinPakistan openforinspectionatthe registered office inPakistanbyanydirectorduringbusinesshours,andinthe case of financial information,if any maintainedoutside the country,copiesof suchfinancialinformationshall be maintainby director where aninspectionismade undersub-section(3),the officersandotheremployeesof the company shall give tothe directormakingsuchinspection of company the booksof account of everycompany relatingtoa periodof not lessthantenfinancial yearsinanotheryearif a companyfails withanyof the requirementsof thissection,director Inspection of books of account by the commission the booksof account and booksand papersof everycompanyshall be opentoinspectionbyany officertobe recordedinwriting, the commissionconsidersitnecessarysotodo. It shall be the dutyof everydirector,officerorother employeeof the company take possession of suchdocumentsandretainthemforthirtydaysif there are reasonable groundsforbelievingthattheyare evidence of the commissionof anoffence. Employees’ provident funds, contributory retirement funds and securities All moneysorsecurities depositedwithacompanybyitsemployeesof the service withthe company shall be keptor depositedbythe companywithinfifteendaysfromthe date of depositina special account to be openedbythe companyfor the purpose ina scheduledbankorinthe national saving schemes, financial statements the board of everycompanymustlaybefore the companyinannual general meetingitsfinancial statementsforthe period, The financial statementsmustbe laidwithinaperiod 1hundredandtwentydaysfollowingthe close of financial yearof a company: Everycompanyshall sendinthe form andmannerspecifiedauditedfinancialstatementstogetherwith the auditors Contents of financial statements the financial statementsshall give atrue andfairview of the state of affairsof the company withthe financial reportingstandards notifiedbythe commission providedthatforthe purpose of preparationof financial statementsandrelatedaccountingtreatment of associatedcompany Duty to prepare directors’ report and statement of compliance. Provided thatnothinginthissub-sectionshall applytoa private company the commissionmayby general orspecial order,directsuchclassor classesof companiestoprepare a statementof Rights of holding company’s representatives and members a holding companymay,by resolution, authorize representativesnamedinthe resolutiontoinspectthe booksof account the rightsconferredbysection256 uponmembersof a companymay be exercised
- 2. Financial statements of modaraba company financial statementsof amodaraba company,the annual accountsand otherreports of section14 of the modarabacompaniesand modarabaordinance,1980 of 1981as at the endof the financial yearof the modarabawhere such financial yearendedwiththe financial yearof the modarabacompany Approval and authentication of financial statements. The financial statements, includingfinancialstatement,if any,mustbe approvedbythe boardof the companyand signedonbehalf of the boardby the chief executive providedthatwhenthe chief executiveisforthe time beingnotavailableinpakistan,thenthe financial statementsmaybe signedby at leasttwodirectors Filing of unaudited financial statements A private company notbeinga subsidiaryof publiccompany,havingthe paidupcapital notexceeding one millionrupees Dividends and manner and time of payment no dividendshall be declared orpaid by a companyfor anyfinancial year the paymentof dividendin kindshall onlybe inthe formof shares of listedcompanyheldbythe distributingcompany. Dividend not to be paid except to registered shareholder Anydividend declaresbycompanygiventoall shareholdermustbe paidtoall holderswiththe minimumperiodof director not to withhold declared dividend Whena dividendhasbeendeclareditshall notbe lawful forthe directorsof the companyto withholdor deferitspaymentandthe chief executive of the companyshall be responsible tomake the payment providedinsection242. Where the dividendcouldnotbe paidbyreasonof the operationof any law Establishment of investor education and awareness fund Investoreducationandawareness fundtobe managedandcontrolledbythe commissionasmaybe prescribedthroughrules. (2) the fundshall be creditedwith— (a) the interest/profitearnedonthe ―companiesunclaimedinstrumentsanddividendandinsurance benefitsandinvestorseducation account (b) forfeitedamountsundersub-section(7) of section87of the securitiesact,2015; (c) the interestorotherincome receivedoutof the investmentsmade fromthe fund; (d) the amount realized intermsof fourthprovisoof section341 or fourthprovisoof sub-section(4) of section372; an (e) suchother amountsasmay be prescribed.
- 3. (3) the fundshall be utilizedfor (a) the promotionof investoreducationandawarenessinsuchmannerasmay be prescribed; (b) withoutprejudice tothe generalityof the objectof sub-clause (a) of sub-section(3),the fundmay be usedfor the followingpurposes,namely— Explanation.Investorsmeansinvestorinsecurities,insurance policyholdersandcustomers of non- bankfinance companiesandmodarabas. (4) the commissionshall,bynotificationinthe official gazette,constituteanadvisorycommittee with such membersasmaybe prescribed,forrecommendinginvestoreducationandawarenessactivities that may be undertakendirectlybythe commission sub-section(3). (5) the accounts of the fundshall be auditedbyauditorsappointedbythe commissionwhoshall be a firmof charteredaccountants.The commissionshall ensure maintenance of properandseparate accounts andotherrelevantrecordsinrelationtothe funds (6) the commissionmayinvestthe moneysof the fundinsuchmanneras setout insection20 of the trustsact, 1882 (ii of 1882) Audit Appointment,removal andfee of auditors. (1) the firstauditoror auditorsof a companyshall be appointedbythe boardwithinninetydaysof the date of incorporationof the company (2) the subsequentauditororauditorsshall be appointedbythe companyinthe annual general meetingonthe recommendationof the boardafterobtainingconsentof the proposedauditors (3) a member’s havingnotlessthantenpercentshareholdingof the companyshall alsobe entitledto propose anyauditoror a has beenobtainedanotice inthisregardhas beengiventothe companynot lessthansevendaysbefore the date of the annual general meeting (4) the retiringauditorshall have arightto make a representationinwritingtothe companyat least twodays before the date of general meeting.Suchrepresentationshall be readoutatthe meeting (5) the auditoror auditorsappointedbythe boardorthe membersinanannual general meetingmay be removedthrougha special resolution. (6) any casual vacancy of an auditorshall be filledbythe boardwithinthirtydaysfromthe date the conclusionof the nextannual general meeting the boardshall appointthe auditorswithpriorapproval of the commission. (7) the remunerationof the auditorsof a companyshall be fixed (a) bythe companyinthe general meeting (b) by the board or by the commission,if the auditorsare appointedbythe board (9) everycompanyshall,withinfourteendaysfromthe date of any appointmentof anauditor,sendto the registrarintimationthereof,togetherwiththe consentinwritingof the auditorconcerned.
- 4. Qualifiedfor appointment as an auditor (a) inthe case of a publiccompanyora private companywhichissubsidiaryof apubliccompanyora private companyhavingpaidupcapital of three million rupeesormore. Chartered accountanthaving validcertificate fromthe institute of charteredaccountantsof pakistan (b) in the case of a companyotherthan specifiedinclause (a),unlesssuchperson,isachartered accountantor cost andmanagementaccountanthavingvalidcertificate frominstitute orafirmof charteredaccountantsor cost and management accountants (2) where apartnershipfirmisappointedasauditorof a company,onlythe partnerswhomeetthe qualificationrequirementsasprovidedinsubsection(1),shall be authorizedtoactand signon behalf of the firm. none of the following persons shall be appointed as auditor of a company, namely (a) a personwhois,or at any time duringthe precedingthree yearswas,adirector,otherofficeror employeeof the company (b) a personwhoisa partner of, or inthe employmentof,adirector,officeroremployee of the company (c) the spouse of a directorof the company; (d) a personwhoisindebtedtothe companyotherthaninthe ordinarycourse of businessof such entities (e) a personwhohas givenaguarantee or providedanysecurityinconnectionwiththe indebtednessof any thirdpersontothe