RegAlert2024-03-12
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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SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Licensing & Registration Division
Corporate Registry Department
No. LRD/CRD/PR(11)/2017- 1089 March 7, 2024
CIRCULAR NO. 07 / 2024
Subject: Circular u/s 147 read with section 510 of the Companies Act 2017
According to the provisions of section 147 of the Companies Act, 2017 (the Act), the Securities and Exchange of Commission of Pakistan (“the Commission”) is empowered to direct holding of overdue general meetings on its own motion or on application of any director or member of the Company. Section 147 of the Act, is reproduced below for ease of reference:
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Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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SECP published 3 documents in the last 30 days. We email you each new one the day it's published.