Regulatory Alerts2024-03-12
Added · Updated
Circular No. 07/2024: Clarification on Section 147 of the Companies Act 2017
The Securities and Exchange Commission of Pakistan clarifies that applications under section 147 of the Companies Act 2017 must be filed by aggrieved directors or members in their individual capacity, not by the company itself. Such applications require proper justification, details of the grievance, and relevant documentary evidence, such as correspondence with the company. Holding an overdue general meeting following a Commission direction does not absolve responsible persons from the consequences of the default, while meetings held voluntarily in compliance with the law remain valid.
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