Regulatory Alerts2021-03-22
Added · Updated
Draft Amendments to Companies (Further Issue of Shares) Regulations, 2020
The amendments to Regulation 6 permit companies to convert ordinary shares into preference shares or between share classes via special resolution, provided the articles of association allow it and non-redeemable shares are not converted into redeemable ones. New Chapter VIA establishes that valuations must be conducted by independent professionals registered with the Pakistan Engineering Council, the Pakistan Banks Association, or the Institute of Chartered Accountants of Pakistan, depending on the asset type. Valuations must not be older than six months from submission to the registrar or Commission, and registered valuers face potential cancellation for misconduct.
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