DELEGATION OF POWER FOR FURTHER ISSUE OF CAPITAL
Securities and Exchange Commission of Pakistan issued SRO # 1125 (I)/2019 dated September 20, 2019.
Securities and Exchange Commission of Pakistan (SECP/Commission) wide SRO # 1125 (I)/2019 dated September 20, 2019 has delegated powers and functions of the Commission to Commissioner, Corporatization and Compliance Department (CCD) of Company Law Division with respect to Companies (Further Issue of Shares) Regulations, 2018 as explained below: –
Relevant regulation of the Companies (Further Issue of Shares) Regulations, 2018
|Nature of powers / functions delegated to Commissioner, Corporatization and Compliance Department (CCD)|
|1.||3(5)||To extend time for book closure in case of issuance of right shares.|
|2.||9(xiii)||To approve subsequent variation in respective rights, privileges or class of such share capital, where a company has issued ordinary shares with differential rights or preference shares.|
|3.||11||To approve issuance of shares with differential rights.|
|4.||20||To impose penalty for failure or refusal to comply with or contravention of the provisions of the regulations.|
- This notification applies to companies, other listed companies, excluding companies involved in the business of Insurance under the Insurance Ordinance, 2000 and the Non-Banking Finance Companies or notified entities as referred to in Section 282A of the repealed Companies Ordinance, 1984.
- This Notification shall not affect anything done under or in pursuance to any previous notifications amended as aforesaid by this notification.
- Any pending proceedings or applications under previous notifications shall stand transfer to the delegated authority provided in this Notification forthwith who shall proceed with the matter as it stands prior to the coming into the effect of this Notification.
Delegation of Power- Further Issue of Capital
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