Corporate And Regulatory

Companies General Provisions & Forms Rules, 1985

Status: In force


S.R.O. 1235(I)/85, dated 14th December, 1985.--  ln exercise of the powers conferred by section 506 of the Companies Ordinance, 1984 (XLVII of 1984), the Federal Government is pleased to make the following rules, the same having been published previously as required by the said section, namely:-

1.            Short title and commencement.—(I) These rules may be called the Companies General Provisions and Forms) Rules, 1985.

(2)          They shall come into force at once.

2.            Definitions.—(1) In these rules, unless there is anything repugnant in the subject or context,--

(i)            "application" includes an application petition or appeal;

(ii)           “charge" includes a mortgage, an interest created in consequence of an agreement for redeemable capital, term finance, participation term certificate, musharika. lease or hire, hire-purchase or any other similar interest in the assets of a company;

(iia)        “electronic document" includes information, forms, records vouchers, registers, orders, returns, applications documents, papers, statements, quarterly accounts, annual accounts, communications, or transactions in electronic form;

(iib)        "e-service" means any service or means provided by the Commission to the lodging or filling of electronic documents;

(iii)          "form" means a form set out in any of the schedules to the Ordinance or hereto annexed;

(iv)         "Ordinance" means the Companies Ordinance, 1984 (XLVII of 1984);

(v)          "registrar concerned" means the registrar in charge of the registration office in which the company is registered or in whose territorial jurisdiction the registered office, or where a company is to be registered, the proposed registered office, is situate;

(vi)         "responsible officer" is relation to a company, means

(a)          the chief executive of the company;

(b)          a director of the company;

(c)           the secretary of the company;

(d)          any other officer of the company who is declared by the Commission in writing as a responsible officer of the company for the purposes of these rules;

(e)          in the case of a company in relation to which an administrator has been appointed under sub-section (1) of section 295. the administrator of such company; or

(f)           in the case of a company, in liquidation, the liquidator of such company,

(vii)        "Schedule" means a Schedule to the Ordinance;

(viii)       "Seal" means the common seal of the company; and

(ix)         "section" means a section of the Ordinance.

(2)          All other terms and expressions used but not defined in these rules shall have the same meaning as assigned to them in the Ordinance.

2A.         Additional particulars to be specified by a subscriber.—In addition to the particulars to be added as contained in clause (c) of sub-section (1) of section 19 and clause (c) of sub-section (1) of section 27, a subscriber shall specify his national identity card number or in the case of foreign national, his passport number:

Provided that in case of a person other than a natural person, the address of its registered office or principal office shall be specified and the authorized representative signing the documents shall also add his particulars as stated in this rule.

(3)          Application for confirmation of alteration of memorandum under section 21.— (1) An application for confirmation of the alteration of any of the provisions of the memorandum of the company under sub-section (2) of section 21 shall be submitted to the Commission by a responsible officer not later than sixty days from the date on which special resolution seeking such alteration was passed.

(2)          The application shall contain the following information correct as on the day immediately preceding the day of the passing of the special resolution and signed by a responsible officer, namely: —

(i)            name and address of the company,

(ii)           number and date of incorporation;

(iii)          subscribed and paid up capital;

(iv)         redeemable capital;

(v)          business actually being carried on and the clause in the memorandum justifying it;

(vi)         reasons for the proposed alteration;

(3)          The following documents correct as on the day immediately preceding the day of the passing of the special resolution and certified by a responsible officer shall be submitted along with the application, namely: —

(i)            a copy of the memorandum and the articles;

(ii)           a copy of the special resolution;

(iii)          minutes of the meeting at which the special resolution was adopted;

(iv)         particulars of dissenting shareholders or creditors together with their objection.

4.            Registration of memorandum, etc., under section 30.— (1) The memorandum and the articles filed under sub-section (1) of section 30, shall be properly stamped as required by the Stamp Act, 1899 (II of 1899), and shall be accompanied by three copies thereof duly subscribed and witnessed along with the declaration made under sub-section (2) of that section.

(2)          The declaration required to be made under sub-section (2) of section 30 shall be made in Form 1 by person engaged in the formation of the company who is—

(i)            an advocate, entitled to appear before any High Court in Pakistan or the Supreme Court; or

(ii)           a member of the Institute of Chartered Accountants of Pakistan or the Institute of Cost and Management Accountants of Pakistan practicing in Pakistan; or

(iii)          a person named in the articles as a director or other officer of the company.

(3)          The registrar may require any person who makes a declaration under sub-section (2) of section 30 or is a promoter or director of the proposed company or is a witness to the signature of the subscribers to the memorandum to furnish such information, clarification or document as the may deem necessary to satisfy himself for purposes of sub-section (3) of that section.

5.            Enquiries as to availability of company names for registration under sections 37 and 38.— The promoters of a company desirous of having a company registered, or a responsible officer of a company intending to change its name, may make an application to the registrar concerned asking for information as to whether die proposed name is or is not available for adoption, and the registrar shall, subject to the provisions of sub-section (4) of section 37 and of section 38, furnish the information ordinarily within two days of the receipt of the application.

6.            Application for grant of a license under section 42 in case of charitable and other associations.— (1) The promoters or members of an association desirous of obtaining a license under section 42 shall make an application to the Commission in writing duly signed by them or by any person authorized by the association in this behalf.

(2)          The application shall be accompanied by—

(a)          three copies of draft memorandum and the articles of the proposed association;

(b)          a list of promoters of the association with their occupations and addresses;

(c)           a declaration by a person specified in sub-rule (2) of rule 4 to the effect that he has-scrutinized the application and the accompanying documents, and that he is satisfied that the same are drawn up in conformity with the provisions of the Ordinance and fulfill the conditions for the grant of license laid therein and these rules;

(d)          the names of companies, associations and other institutions in which the promoters of the proposed association hold any office stating the office held in each case;

(e)          if the association is already in existence, a copy each of the audited balance sheet, income and expenditure account and the annual report on the working of the association for the financial year immediately preceding the date of the application;

(f)           an estimate of the future annual income arid expenditure of the proposed company, specifying the sources of income and objects of expenditure; and

(g)          a brief statement of the work already done by the association or proposed to be done after its being granted the license and registration.

(3)          The Commission on being satisfied, after such enquiry and after obtaining such further information as it may consider necessary, that it shall be in the public interest so to do, may grant the licence applied for, subject to such conditions as it may deem fit to impose.

(4)          In particular and without prejudice to the generality of the power of the Commission under section 42 and sub-rule (3), a licence shall be granted subject, besides other, to the following conditions, namely:-

(i)            the association shall be formed as a public company;

(ii)           payment of remuneration for services or otherwise to its members, whether holding an office in the company or not, shall be prohibited;

(iii)          no change in the memorandum and the articles shall be made except with the prior. approval of the Authority;

(iv)         the limit of liability of its members shall not be less than a reasonable amount having regard to all the circumstances of the case; and

(v)          patronage of any government or authority, express or implied, shall not be claimed unless such government or authority has signified its consent thereto in writing.

(5)          The conditions imposed under sub-rule (4) shall be included in the memorandum.

7.            Conversion of a public company into a private company under section 44.—Where the alteration of the articles of company has the effect of converting a public company into a private company, the company-shall, not later than sixty days from the date on which the special resolution seeking such ^Iteration was passed, make .an application in Form 2 of the Commission for its approval under section 44.

8.            Service of documents on public functionaries.— An application or any document submitted to the Commission) or the registrar in pursuance to or for the purposes of any of the provisions of the Ordinance shall, unless otherwise proved, be deemed to have been received or delivered to it or him on the day on which it is received by its or his office.

9.            Mode of-submission of returns and applications to the Commission.— A document, statement, return, report, communication or application required to be submitted to the Commission or a Stock Exchange,, may be sent to the Commission or the Stock Exchange a its headquarters by registered post or by delivery either in person or through an agent, against an acknowledgement of receipt.

9A.         Mode of submission of documents to the Commission or the Registrar.— Any document required to be filed or lodged with the Commission-or the Registrar under the Ordinance may be submitted electronically.

9B.          Supply of additional information.—Any additional information required to be submitted along with any form to. be filed under the Ordinance may also be submitted through electronic means.

9C.          Authentication of forms.—Any form prescribed under these rules shall be authenticated by the companies by affixing electronic signature or advanced electronic signature, as defined under the Electronic Transactions Ordinance, 2002 (LI of 2002).

9D.         Filing of electronic documents.—The filing of electronic- documents with the Commission or the registrar, as the case may be, shall be made from the date of launching of any E-Services Project of the Commission (hereinafter referred to as the effective date), provided that for a period to be determined by the Commission from time to time, the submission of documents in paper form shall be permissible.

9E.          Filing of additional documents in scanned form.—From the effective date specified under rule 9D, the company shall file any additional document required to be submitted to the Commission or the registrar under the Ordinance, in a scanned form.

9F.          Mode of payment.—The fee for the filing of documents may be paid through any of the acceptable methods of payment specified by the Commission from .time to time.

9G.         Electronic filing of documents.—(1) The Commission may provide e service for the electronic filing or lodging of documents required under the Ordinance to be filed or lodged with the Commission or the registrar.

(2)          A copy of or an extract from any document electronically filed or lodged with the Commission or the registrar under these rules or supplied or issued by the Commission or the registrar and certified to be a true copy thereof or extract therefrom under the hand and seal of an officer of the Commission or the registrar, shall be admissible in evidence in any proceedings as of equal validity as the original document.

(3)          Where a document is electronically filed or lodged with the Commission or the registrar, the Commission or the registrar shall not be liable for any loss or damage suffered by any person by reason of any error or omission of whatever nature arising or appearing in any document obtained by any person under the e-service referred under these rules, if such error or omission was ma in good faith and in the ordinary course of the discharge of the duties of the Commission or the registrar or occurred or arose as a result of any defect or breakdown in the service or in the equipment used for the provisions of the e-service;)

10.          Circulation of reports and notices by companies.— Unless otherwise provided by the Ordinance or these rules, any. report, notice, statement, circular or other document required under the Ordinance or any rule made thereunder to be circulated, transmitted or forwarded to the members, debenture impeders or creditors shall, unless it is delivered to the addresses personally against an acknowledgement or is sent by registered post, be sent, transmitted or forwarded by post under certificate of posting or through a courier service. 

11.          Submission of prospectus for approval of the Commission under section 57.—An application for approval of a prospectus of a listed company or of a company which proposes to make an application to a stock exchange for the listing of its securities submitted to the Commission under sub-section (1) of section 57, shall be accompanied by three copies of the prospectus along with such certificates or other documents as are required to be appended thereto, and an affidavit affirming, among other things, that all the information in the prospectus and all other documents filed in connection with it is true and correct.

12.          Verification of copies of contracts for purposes of section 73.—Copies of contracts required to be filed with the registrar under sub-section (J) of section 73 shall be verified

(i)           by an affidavit of a responsible officer that these are true copies, or

(ii)           by a certification of the public officer custody of the original document

13.          Verification of copies for purposes of sections 121, 122, 123 and 129.—A copy of every instrument or deed creating or evidencing any charge and required to be filed with the registrar in pursuance of section 121, 122, 123 or 129 shall be verified as follows, namely —

(i)            Where the instrument or deed relates, whether wholly or partly, tor property situate in Pakistan, the copy shall be verified in the manner provided in rule 12; and

(ii)           Where the instrument or deed relates solely to property situate outside Pakistan, the copy shall be verified by an affidavit of a responsible officer of the company, or of a person interested in the mortgage or charge on behalf of any person other than the company, stating that it is a copy.

14.          Application for extension in the period for holding annual general meeting and laying balance-sheet, etc. under section 158 or 253.—(1) An application for the grant of an extension in the time for—

(i)            holding any annual general meeting, not being the first such meeting, pursuant to the proviso to sub-section (1) of section 158; or

(ii)           laying before the annual general meeting a balance-sheet and profit and loss account or, in the case of a company not trading for profit, an income and expenditure account, pursuant to the proviso to sub-section (1) of section 233;

(iii)          shall, in the case of a listed company, be submitted to the authority and, in any other case, to the registrar concerned not less than thirty days before the last date on which such general meeting is required to be held under the said section:

Provided that the registrar concerned or the Commission as the case may be, may for special reasons to be recorded, entertain an application which is submitted less than thirty days before the last date on which the annual general meeting is required to be held under the said sections.

(2)          The application aforesaid shall state:-

(i)            the registration number, name and address of the company;

(ii)           the date on which the last general meeting was held and the financial year for which the balance-sheet, profit and loss account and other statements and reports relating to accounts were laid at such meeting;

(iii)          the date up to which the annual general meeting is required to be held under and for the purposes of the said sections and the date up to which the balance-sheet and profit and toss account, and other statements and reports relating to accounts are required to be laid therein;

(iv)         reasons for not being able to hold 'the annual general meeting, or laying the balance sheet and profit and loss account at the general meeting by the (.{ate mentioned in clause (iii) and justification or extension in the period to the extent applied for; and

(v)          when the delay is attributed to non-completion of books of accounts or, non-finalization of audit; the exact state of books of accounts with reasons for non completion of such books or for non-finalization of the audit, as the case may be, such information being accompanied by a certificate of the company's auditor as to the state of its accounts, reasons for delay in completion of audit and the minimum time required for the purpose; and

(vi)         shall be accompanied by a copy of the last-audited balance-sheet and profit and loss account.

14A.       Approval of capital expenditure etc. by the directors.—The amount of capital expenditure to be incurred on any single item and the amount of book value for the disposal of a fixed asset, for the purpose of clause (i) of sub-section (2) of section 196, shall be exceeding one million rupees and one hundred thesauri rupees respectively.

14B.       Qualifications of company secretary.—(1) The Directors of a public listed company, shall take reasonable steps to ensure that the company secretary is a person who appears to them to have the requisite knowledge and experience to discharge his functions as company secretary, and who is,—

(a)          a member of,—

(1)          a recognized body of professional accountants; or

(ii)           a recognized body of corporate or chartered secretaries; or

(b)          a person holding a master degree in business administration or commerce or being a law graduate from university recognized by the Higher Education Commission and having at least two years relevant experience ; or

(c)           a retired Government servant in BS-19 or equivalent or above with at least fifteen years service.

Provided that a person already engaged by a public listed company as company secretary before the 26th October, 2002 may continue in that capacity if he has an experience of not less than five years in that position.

(2)          The company secretary of a single member company shall be a person holding a bachelor degree from a university recognized by the Higher Education Commission.

14C.       Particulars of directors and officers, etc.—(1) The following shall be the particulars of directors and officers, including the chief executive, managing agent, secretary, chief accountant, auditors and legal adviser, for the purpose of sub-section (1) of section 205, namely: —

(a)          in the case of an individual, his present name in full, his father's name, in the case of a married woman or a widow, the name of her husband or deceased husband, his national identity card number and in case of foreign national passport number, his usual residential address, nationality and, if that nationality is not the nationality of origin, nationality of origin and his business occupation, if any, and if he holds any other directorship or other office the particulars of such directorship or office,.

(b)          in the case of a person other than natural person, its name and address of registered or principal office, and particulars as stated in clause (a) of each of its directors or office bearers; and

(c)           in the case of a firm, the full name, address and particulars as stated in clause (a) of each partner, and the date on which each became a partner.

15.          Copy of resolution, etc. referred to in section 208 to be filed with the. Commission and registrar.— A copy of every resolution passed pursuant to section 208 together with the information and documents specified in Form 30 shall be filed with the Commission and the registrar concerned in the case of a listed company, and with the registrar concerned in the case of Any other company to which section 208 applies, within fifteen days from the passing of the said resolution.

16.          Computation of amount to be tendered to a listed company by certain beneficial owners under section 224.—(1) Any gain made from the purchase and sale, or sale and purchase, of a listed security within a period of less than six months, which is required to be reported to that Commission and the registrar, and to be tendered to the company under section 224 shall be computed in the following manner, namely:-

(a)          the purchases at lowest rates shall be matched against the sales at highest rates prevailing within the six months, and the recoverable amount calculated with respect to every individual transaction by reference to the difference between the purchase price and the sale price of any purchase and sale, or sale and purchase disregarding any other transactions, that is to say, the lowest in rate and highest but rate of the purchases and sales or the sales and purchases shall be matched; and

(b)          the purchases and sales shall be matched as aforesaid so long as the securities involved in the purchase and sale are of the same class and of the same listed company and for this purpose the shares shall be deemed as fungibles.

(2)          For the purpose of sub-rule (1), distribution of bonus shares and allotment of right shares by a listed company to an existing share holder either on the basis of his entitlement or on account of purchase of right allotment letters from market shall not constitute a purchase.

(3)          Any loss arising out of any transaction in a listed security shall not be set-off against the gain arising out of such security computed in the manner aforesaid.

Provided that the amount of brokerage, stamp duty and other expenditure actually paid or incurred in making the gain may be deducted by the person by whom it is to be reported or tendered subject to production of such documentary evidence in support of the payment having been made or expenditure having been incurred as may be acceptable to the company.

17.          Number of copies of accounts and reports to be filed with Authority, etc.—For the purposes of sub-section (5) of section 233, sub-section (I) of section 242 or sub-section (1) of section 245, as the case may be, there shall be filed—

(a)          in the case of a listed company, with the registrar concerned and the Commission five copies of the annual or half-yearly accounts and balance-sheet and other reports referred to in the afore-mentioned provisions of the Ordinance; and

(b)          in the case of a public company which is not a listed company, with the registrar concerned, five copies of the annual accounts and balance-sheet and other reports referred to in section 242.

17-A.     Auditors' Report on the accounts of a company other than a banking company.—The auditors' report on the accounts and books of accounts and balance-sheet and profit and loss account of a company required by section 255 shall be in FORM 35-A.

17-B.      Auditors' report on the accounts of a banking company.—The Auditors' Report on the accounts and books of accounts and balance-sheet and profit and loss account of a banking company required by section 255 shall be in FORM 35-B.

17-C.      Auditors' report on consolidated financial statements.—The auditors' report on consolidated financial statements required by sub-section (3) of section 237 shall be in Form 35-C and review report on the subsidiary accounts as required by sub-section (4) of section 237 shall be in Form 35-D.

18.          Application under section 263.—Every application for investigation into the affairs of a company under clause (a) or clause (b) of section 263 shall specify-

(a)          the name and address of the registered office of the company whose affairs are sought to be investigated;

(b)          the names and addresses of the applicants, and, in the case of a company having a share capital, also the total number of shares of the company held by each of them together with the amount paid up thereon;

(c)           if the company has a share capital, the issued and paid-up capital of the company and the nominal or face value of the shares or, if the company has no share capital, the total number of its members;

(d)          the precise and specific reasons for requesting the investigation with particulars of alleged irregularities, and

(e)          whether the applicants agree to give security for payment of the costs of investigation and the ceiling of the amount up to which they so agree.

(2)          Every such application shall be accompanied by such documentary evidence in support of the reasons for requesting the investigation and the alleged irregularities as is reasonably open to the applicants.

(3)          Every such application shall be signed by the applicants and shall be verified by their affidavit stating, inter alia, the paragraphs of the application which contain statements true to their knowledge and the paragraphs of the application which contain statements true to the best of their information and belief.

(4)          The Commission may, before passing any order on the application, require the applicants or any one or more of them to produce such further documentary or other evidence as the Commission may consider necessary—

(a)          for the purpose of satisfying itself as to the veracity of the allegations made in the application; or

(b)          for ascertaining any information which, in the opinion of the Commission is necessary for enabling it to pass orders on the application; or

(c)           for ascertaining the eligibility of applicants or any one or more of them to make the application.

19.          Fee payable under section 269.—The fee payable for furnishing a copy of the Inspector's report in pursuance of clause (b) of sub-section (2) of section 269 shall be the fee as is payable to the registrar under the Sixth Schedule of the supply of a certified copy or extract of any document or register kept by the registrar.

20.          Authentication of copy of Inspector's report under section 278.—A copy of the report of an Inspector or Inspectors, shall, for the purposes of section 278, be authenticated either—

(a)          by a responsible officer under the seal of the company whose affairs have been investigated; or

(b)          by a certificate of the Commission or the registrar having custody of the report.

21.          Manner of giving notice under section 289.—(1) A notice required to be given by a transferee company —

(a)          to any dissenting share-holder of the transferor company in pursuance of sub-section (1) of section 289; or

(b)          to any share-holder of the transferor company who has not assented to the scheme or contract in pursuance of clause (a) of sub-section (2) of that section;

shall be given in the manner provided in section 50 and rule 10 for the service of documents by a company on a member thereof.

(2)          While making or issuing any offer or issuing any circular containing any recommendation from the directors of the transferor company to the members of that company to accept such offer, the company shall furnish to them the information specified in Form 37 in addition to the statement referred to in clause (b) of sub-section (5) of section 289.

22.          Certification of documents for the purposes of section 451.— (1) A copy of any charter, statute, memorandum, articles or other instrument, constituting or defining the constitution of a foreign company required to be filed with the registrar under clause (a) of sub-section (1) of section 451 shall be duly certified to be a true copy by-

(a)          the public officer in the country where the company is incorporated to whose custody the original is committed; or

(b)          Notary Public of the country where the company is incorporated; or

(c)           an affidavit of a responsible officer of the company of the country where the company is incorporated.

(2)          The signature and seal of the official referred to in clause (a) of sub-rule (1) or the certificate of the Notary Public referred to in clause (b) of that sub-rule shall be authenticated by a Pakistan diplomatic consular or consulate officer.

(3)          The certificate of the officer of the company referred to in clause (c) of sub-rule (1) shall be signed before a Pakistan diplomatic consular or consulate officer.

23.          Certification of translation under sections 451, 452 and 453 and number of copies of balance-sheet, etc., to be filed with registrar under section 453.— (1) The translation into English or Urdu of documents required to be filed with the registrar in pursuance of section 451, 452 or 453 shall be certified to be correct translation of the original in the manner provided in sub-rule (2) or sub-rule (3), as the case may require.

(2)          Where any such translation is made outside Pakistan, it shall be authenticated by the signature and seal, if any, of-

(a)          the public officer in the country where the company is incorporated to whose custody the original is committed; or

(b)          a Notary Public of the country where the company is incorporated:

Provided that signature or seal of the person so certifying shall be authenticated by a Pakistan diplomatic consular or consulate officer.

(3)          Where such translation is made within Pakistan, it shall be authenticated by an affidavit of any person paving, in the opinion of the registrar, an adequate knowledge of the language of the original and of English or Urdu, as the case may be.

(4)          For purposes of sub-section (1) of section 453, there shall be filed with the registrar concerned f

24.          Copies of application to various authorities, etc to be forwarded to others.— A copy of every application together with a copy of each of the document enclosed therewith shall be forwarded by the applicant,—

(i)            in the case of an application made to the federal Government, to the Commission and the registrar concerned;

(ii)           in the case of an application made to the Commission or the registrar who is head of the organization for the registration of companies in Pakistan, to the registrar concerned; and this fact shall be stated in the application.

25.          Mode of furnishing of return to the Authority.— Any person required by or under any provision of the Ordinance or these rules to furnish any document, statement, return or report to the Commission shall deliver it, either in person or through an agent, against receipt, to the Authority or send it to the Authority by registered post at its Headquarters at Islamabad.

26.          Payment of fees, etc.— Except as otherwise provided in the Ordinance, all fees, charges and other sums payable, paid or realized under the Ordinance or any rules or regulations made or notification issued thereunder or under any order of the Federal Government the Commission or the registrar under the Ordinance or the rules shall be accounted for the Commission and deposited with a designated bank branch specified by the Commission for the purpose and the original receipt thereof shall be furnished to the Commission officer or the registrar concerned, as the case may be, along with the document or application for which the same is payable or the other communication intimating payment.

27.          Penalty for contravention of these rules,— Whoever fails or refuses to comply with, or contravenes any provision of these rules, or knowingly and willfully, authorizes or permits such failure, refusal or contravention shall, in addition to any other liability under the Ordinance, be also punishable with fine and, in case of continuing failure, to a further fine as provided in sub-section (2) of section 506.

28.          Power of the Federal Government to relax rules.—Whether the Federal Government is satisfied that it is not practicable or necessary to comply with the requirements of rule 22, 23 or 27 in any particular case or class of cases, the Federal Government may, for reasons to be recorded, relax the rule in the case of such company or class or companies subject to such conditions, if any, as may be imposed by the Federal Government in that behalf.

29.          Repeal.— The Companies Rules, 1941 are hereby repealed.

 

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