Draft Amendments to the Listed Companies (Buy-back of Shares) Regulations, 2016

Government of Pakistan
Securities and Exchange Commission of Pakistan -.-.- Islamabad, the 15 th October, 2018 NOTIFICATION SRO 1274 (I)2018.- The following draft amendments to the Listed Companies (buy-back of shares) Regulations, 2016, proposed to be made by the Securities and Exchange Commission of Pakistan, in exercise of powers conferred under section 512 read with section 88 of the Companies Act 2017 (XIX of 2017), are hereby published, as required under proviso to sub-section (1) of the said section 512, for information of all persons likely to be affected thereby and notice is hereby given that comments, if any, received within fourteen days from the date of this notification, will be taken into consideration, namely:- DRAFT AMENDMENTS In the aforesaid regulations, (1) in these regulations, for the expression “section 95A of the Ordinance” wherever appearing, the expression “section 88 of the Act” shall be substituted; (2) in these regulations, for the word “Ordinance” wherever appearing, the word “Act” shall be substituted; (3) in regulation 2, in sub-regulation (1),- (a) before clause (a), the following new clause shall be inserted, namely:- “(aa) “Act” means Companies Act, 2017 (XIX of 2017);”; and (b) clause (e) shall be omitted; (4) in regulation 3, in sub-regulation (1),- (a) clause (b) shall be omitted; and (b) in clause (e), after the expression “after the purchase,” the expression “remain complaints with listing regulations,” shall be inserted; (5) in regulation 18, for the expression “sub-section (12) of section 95A of the Ordinance” the expression “ sub-section (12) of section 88 of the Act” shall be substituted; and (6) in Schedule I, in paragraph (5), for the expression “section 95A of the Companies Ordinance, 1984” the expression, “ section 88 of the Act” shall be substituted. [No. CSD/BBR/124/2018]