The Companies (Further Issue of Shares) Regulations, 2020

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad, the 16th March, 2020 NOTIFICATION S.R.O 231 (I)/2020.- In exercise of the powers conferred under section 512 read with sections 58, 82 and 83 of the Companies Act 2017 (XIX of 2017), the Securities and Exchange Commission of Pakistan is pleased to notify the following regulations, the same having been previously published in the official Gazette vide Notification No. S.R.O. 33(I)/2020 dated January 15, 2020, as required under proviso to sub-section (1) of the said section 512, namely:-
CHAPTER 1
PRELIMINARY

1. Short Title and Commencement.- (1) These regulations shall be called the Companies
   (Further Issue of Shares) Regulations, 2020.
   (2) They shall come into force at once except in the case of issues announced on or before the date of these regulations. (3) These regulations shall apply to the companies issuing further capital by way of:
   (i) right shares;
   (ii) other than right shares;
   (iii) bonus shares;
   (iv) employee stock option schemes; and
   (v) shares with different rights including preference shares.
2. Definitions. – (1) In these regulations, unless there is anything repugnant in the
   subject or context, –
   (i) “Act” means the Companies Act, 2017 (XIX of 2017); (ii) “issue of share at discount” means issue of share at a price below face value of such share; (iii) “further issue of shares” means issue of shares under section 83 of the Act and does not include Initial Public Offer or offer for sale of shares by any person holding shares in listed company or further issue of shares pursuant to any scheme of arrangement including merger, demerger, amalgamation etc.; (iv) "exercise" means making of an application by an employee to a company for issue of shares against option vested in him in pursuance of a Scheme; (v) "exercise period" means the time period after vesting within which an employee may exercise his right to apply for shares against an option vested in him in pursuance of the Scheme;