Regulatory Alerts1999-05-06
Added · Updated
Appointment of Directors/Chief Executive in Modaraba Companies
Modaraba companies are prohibited from changing their directors, chief executive, or major shareholders without prior approval from the Registrar Modaraba. This requirement enforces conditions set in Registration and Authorization Certificates under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980. Non-compliance may result in the cancellation of the company's registration and removal from the management of the modaraba it floats. Applications for approval must be submitted in advance with full particulars and documentary evidence of the proposed appointees.
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