Amendments to the Companies (Further Issue of Shares) Regulations, 2020

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad, the 16th September, 2022 NOTIFICATION S.R.O. 1754 (I)/2022.- In exercise of the powers conferred under section 512 read with sections 58, 82, 83 and 83 A of the Companies Act, 2017 (XIX of 2017), the Securities and Exchange Commission of Pakistan is hereby pleased to make following amendments to the Companies (Further Issue of Shares) Regulations, 2020, the same having being published in the official Gazette vide notification No. 1423(I)/2022 dated August 04, 2022 for public consultation as required under the said section 512 of the Companies Act, 2017, namely:- AMENDMENTS In the aforesaid Regulations, - (1) in the preamble, for the expressions “82 and 83” the expressions “82, 83 and 83 A” shall be substituted; (2) in regulation 2, in sub-regulation (1), - (a) after clause (i), the following new clause shall be inserted, namely: - “(ia) “Application Supported by Blocked Amount “(ASBA)” means an application for subscribing to shares, where money is blocked in the subscriber’s respective bank account;”; and (b) in clause (xvi), for the word “Commission” the words “shareholders of the company through special resolution” shall be substituted; (3) in regulation 3, - (a) in sub-regulation (1), - (i) after the heading, the following new sub-heading is inserted, namely: - “General Conditions”; (ii) in clause (iii), after sub-clause (h), the following new sub￾clauses shall be inserted, namely: - “(i) minimum subscription amount; and (j) provision of ASBA facility (optional).”;