Regulatory Alerts2021-11-15
Added · Updated
Amendment in the Companies (Further Issue of Shares) Regulations, 2020
The Securities and Exchange Commission of Pakistan amends Regulation 6 to allow companies to convert ordinary shares into preference shares or between classes via special resolution, provided the articles of association permit it and non-redeemable shares are not converted into redeemable ones. New Chapter VIA establishes eligibility criteria for registered valuers, specifying that consulting engineers and practicing chartered accountants with satisfactory Quality Control Reviews may conduct valuations for specific asset types. The regulations mandate that valuations must not be older than six months for right issues and impose professional conduct standards, including independence requirements and potential cancellation of registration for misconduct.