CONVERSION OF PUBLIC COMPANY INTO PRIVATE COMPANY SECP PROCEDURE

CONVERSION OF PUBLIC COMPANY INTO PRIVATE COMPANY SECP PROCEDURE

Relevant provisions: Section 44 read with Section 28 of the Companies Ordinance, 1984 and Rules 7, 28, 30, 32 and 34 of the Companies (General Provisions and Forms) Rules, 1985

 

Mode of documents submission: Both online and offline

STEP 1

Pass resolution in Board of Directors meeting for change of company status from public to private company

STEP 2

  • Hold General meeting (AGM or EOGM) of shareholders.
  • Pass special resolution for change of company status from public to private company and alteration in Articles of Association in General Meeting of shareholders.
  • STEP 3
  • File Form-26 alongwith copy of amended Memorandum & Articles of Association and copy of paid challan of filing fee of Form-26 with the Registrar Concerned (copy of paid challan is not required to be filed in case of online filing)

 

STEP 4

File application within 60 days of passing special resolution with the Commission alongwith following documents for conversion of company status from public to private. The documents may be filed online through eservices, as well as, manually/offline.

  1. Form 2. (prescribed under the Rules)
  2. Copy of Form 26 (Special Resolution)
  3. Copy of the Memorandum and Articles of Association duly amended
  4. Certified copy of the existing Memorandum and Articles of Association
  5. Copy of latest audited Balance Sheet and Profit and Loss Account
  6. Copy of minutes of the General Meeting
  7. Affidavit that the contents of the application are true.
  8. Copy of paid challan for prescribed fee of application

 

Application must be in duplicate and a copy is required to be sent to the registrar concerned under Rule 32 of the Rules.
Step 5: The Commission gives approval for conversion of public company into private company through an Order.

 

Step 6: Certified copy of the order of the Commission is obtained by depositing the prescribed fee for each copy and the requisite court fee stamps.

 

Step 7: Certified copy of the order along with amended copy of the Memorandum and Articles of Association are filed with the registrar concerned with bank challan evidencing the deposit of filing fee in any of the designated branches of MCB

 

Step 8: The registrar shall issue certificate on conversion of status of a public company into a private company and the filing certificate in respect of Special Resolution and Order of the Commission.

 

Fell Free to Contact Us for detailed consultation.

For further details about Pakistani laws and regulations feel free to visit our blog.

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

Telephone: 0321-2057582

Regular Website:  https://www.irfanlaw.com

 

Submit Your Query For a Legal Advice

 
Irfan Mir Halepota & Associates
Law Firm in Pakistan dealing with Commercial, Intellectual Property, Real Estate, Property Law, and Litigation Laws of Pakistan.
E-26, Glass Tower, Clifton
Karachi, Sindh
PK
Phone: +92 321 205 7582

INCREASE IN PAID-UP CAPITAL (RIGHT ISSUE) OF COMPANY SECP PROCEDURE

INCREASE IN PAID-UP CAPITAL (RIGHT ISSUE) OF COMPANY SECP PROCEDURE

Relevant provisions: Section 73 and 86 of the Companies Ordinance, 1984

 

Mode of documents submission: Both online and offline

STEP 1

Pass resolution in Board of Directors meeting for increase in Paid up Capital of the Company

STEP 2

  • Issue circular u/s 86 to the shareholders alongwith letter offering shares proportionately to existing shareholders
  • Simultaneously, File the circular u/s 86 with the Registrar Concerned alongwith prescribed filing fee

 

STEP 3

Hold Board of Directors meeting to decide allotment of shares keeping in view response from the shareholders

 

STEP 4

 

File Form-3 alongwith prescribed filing fee with the Registrar Concerned within 30 days of the date of allotment.

Fell Free to Contact Us for detailed consultation.

For further details about Pakistani laws and regulations feel free to visit our blog.

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

Telephone: 0321-2057582

Regular Website:  https://www.irfanlaw.com

 

Submit Your Query For a Legal Advice

 
Irfan Mir Halepota & Associates
Law Firm in Pakistan dealing with Commercial, Intellectual Property, Real Estate, Property Law, and Litigation Laws of Pakistan.
E-26, Glass Tower, Clifton
Karachi, Sindh
PK
Phone: +92 321 205 7582

INCREASE OF AUTHORIZED CAPITAL OF COMPANY SECP PROCEDURE

INCREASE OF AUTHORIZED CAPITAL OF COMPANY SECP PROCEDURE

Relevant provisions: Section 92/94 and 172 of the Companies Ordinance, 1984

 

Mode of documents submission: Both online and offline

STEP 1

Pass resolution in Board of Directors meeting for increase in Authorized Capital of the Company

STEP 2

  • Hold Extraordinary General Meeting (EOGM) of shareholders.
  • Pass special resolution for increase in Authorized capital of the Company in EOGM (sample of special resolution is attached as annexure 1)

 

 

STEP 3

File following documents with the Registrar Concerned. These documents can be filed online through eservices, as well as, manually/offline.

  1. Copy of special resolution on Form-26 within 15 days of passing special resolution in EOGM
  2. Form-7 (Notice of increase in nominal share capital) within 15 days of passing special resolution in EOGM
  3. Amended copy of Memorandum & Articles of Association
  4. Paid ‘original’ challan of prescribed fee for increase in Authorized capital and filing fee of Form-26 & Form-7 (paid challan is not required to be filed in case of online filing)

Fell Free to Contact Us for detailed consultation.

For further details about Pakistani laws and regulations feel free to visit our blog.

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

Telephone: 0321-2057582

Regular Website:  https://www.irfanlaw.com

 

Submit Your Query For a Legal Advice

 
Irfan Mir Halepota & Associates
Law Firm in Pakistan dealing with Commercial, Intellectual Property, Real Estate, Property Law, and Litigation Laws of Pakistan.
E-26, Glass Tower, Clifton
Karachi, Sindh
PK
Phone: +92 321 205 7582

CONVERSION OF PRIVATE COMPANY INTO PUBLIC COMPANY SECP

CONVERSION OF PRIVATE COMPANY INTO PUBLIC COMPANY

Relevant provisions: Section 45 of the Companies Ordinance, 1984

 

Mode of documents submission: Both online and offline

 STEP 1

Pass resolution in Board of Directors meeting for change of company status from private to public company

STEP 2

  • Hold General meeting (AGM or EOGM) of shareholders.
  • Pass special resolution for change of company status from private to public company and alteration in Articles of Association in General Meeting of shareholders.

 

STEP 3

Increase number of shareholders and directors upto 3 (if number of directors and shareholders is less than three)

 

STEP 4

File following documents for conversion of company status from private to public with the Registrar concerned. The documents may be filed online through eservices, as well as, manually/offline.

  1. Copy of special resolution on Form-26 within 15 days of passing special resolution in General Meeting
  2. Amended copy of the Memorandum and Articles of Association.
  3. Prospectus or Statement in Lieu of Prospectus within 14 days of passing of special resolution.
  4. Form – 3 (allotment of shares to new members / directors in case, the new directors are not members of company).
  5. Form – 27 i.e. list of persons consenting to act as directors.
  6. Form – 28 Consent to act as directors.
  7. Form – 29 (in case of increase of directors, if the company does not already have three directors required for a public company).
  8. Paid ‘original’ challan of prescribed filing fee

Fell Free to Contact Us for detailed consultation.

For further details about Pakistani laws and regulations feel free to visit our blog.

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

Telephone: 0321-2057582

Regular Website:  https://www.irfanlaw.com

 

Submit Your Query For a Legal Advice

 
Irfan Mir Halepota & Associates
Law Firm in Pakistan dealing with Commercial, Intellectual Property, Real Estate, Property Law, and Litigation Laws of Pakistan.
E-26, Glass Tower, Clifton
Karachi, Sindh
PK
Phone: +92 321 205 7582

CHANGE OF REGISTERED OFFICE ADDRESS WITHIN PROVINCE SECP PROCEDURE

CHANGE OF REGISTERED OFICE ADDRESS WITHIN PROVINCE

 

Relevant provisions: Sections 142 of the Companies Ordinance, 1984

 

Mode of submission of documents: Both online and offline

STEP 1

Pass resolution in Board of Directors meeting for change in registered office address of the company

 

STEP 2

File the following documents with the Registrar concerned. The documents can be filed online through eservices, as well as, manually/offline.

  1. Form-21 within 28 days of change in registered office address
  2. Paid Bank Challan of prescribed filing fee of Form-21 (copy of paid challan is not required to be filed in case of online filing)

Fell Free to Contact Us for detailed consultation.

For further details about Pakistani laws and regulations feel free to visit our blog.

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

Telephone: 0321-2057582

Regular Website:  https://www.irfanlaw.com

 

Submit Your Query For a Legal Advice

 
Irfan Mir Halepota & Associates
Law Firm in Pakistan dealing with Commercial, Intellectual Property, Real Estate, Property Law, and Litigation Laws of Pakistan.
E-26, Glass Tower, Clifton
Karachi, Sindh
PK
Phone: +92 321 205 7582

SECP procedure for Change of Directors, Company Management

Relevant provisions: Section 205 of the Companies Ordinance, 1984

 

What to report: any change in the particulars of the directors, the chief executive, managing agent, chief accountant, secretary, auditor or legal advisor of the Company

 

Mode of documents submission: Both online and offline

 

While notifying change in company management with the SECP, file following documents with the Registrar concerned:

 

  1. Form-29 within 14 days of the change in particulars of company management

 

  1. Paid ‘original’ challan of prescribed fee for creation of charge/mortgage (paid challan is not required to be filed in case of online document submission)

 

  • In case, company is reporting change in particulars of Auditor, please enclose consent of newly appointed Auditor

Fell Free to Contact Us for detailed consultation.

For further details about Pakistani laws and regulations feel free to visit our blog.

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

Telephone: 0321-2057582

Regular Website:  https://www.irfanlaw.com

 

Submit Your Query For a Legal Advice

 
Irfan Mir Halepota & Associates
Law Firm in Pakistan dealing with Commercial, Intellectual Property, Real Estate, Property Law, and Litigation Laws of Pakistan.
E-26, Glass Tower, Clifton
Karachi, Sindh
PK
Phone: +92 321 205 7582

Pakistan Approves New Auto Policy For Next Five Years

Pakistan Approves New Auto Policy For Next Five Years. In the hope of attracting a European carmaker, the government on Friday approved a new automobile policy, which offers tax incentives to new entrants to help them establish manufacturing units and compete effectively with the three well-entrenched assemblers.

The new automobile policy will offer tax incentives to support new eBantrants  establish manufacturing units in Pakistan and effectively compete with the existing three assemblers, who are operating since the early 90s.

Basic aim of the policy is to enhance consumer welfare by boosting competition and to attract new car makers.   The government desires that Fiat, Audi or Volkswagen should establish its plant in Pakistan, which is a positive initiative by Government of Pakistan.

A major incentive for the new investors is reduced 10% customs duty on non-localized parts for five years against the current 32.5%. For investors, the duty will be slashed by 2.5% to just 30% from the new fiscal year of 2016-17.

Beginning from July, the localized parts can be imported by the new entrants at 25% duty compared to the current 50% for five years. For existing players, the duty on import of localized parts will be brought down to 45% from the new fiscal year.

The government has allowed one-off duty-free import of plant and machinery for setting up an assembly and manufacturing facility. It has also permitted import of 100 vehicles of the same variants in the form of completely built units (CBUs) at 50% of the prevailing duty for test marketing after the groundbreaking of the project.

Another important point is in the CBU category, customs duty on cars up to 1,800cc engine capacity has been reduced by 10% for two years – 2017-18 and 2018-19. This will be applicable to the existing players as well and will encourage reduction in car prices. Also a single duty rate will be applied to the localized and non-localized parts after 5 years of the new policy. The present duty structure will continue for 7 years for the new investors.

For revival of sick or non-operational units, the non-localized parts can be imported at 10% and localized parts at 25% duty for three years for the revival of a sick unit. The government however, did not change its policy for used car imports, leaving consumers with a limited range of choice until new brands of good quality are produced in the domestic market.

Possible manufacturers that might enter our market are Audi, Volkswagen, Fiat, Renault, Nissan, Hyundai, Kia, while Zotye, JAC, Changan, Geely and Chery among the Chinese.

All above are just for information and same must never be considered as legal advice by the Law Firm or any Lawyer or any approved policy of the government.

For further details about Pakistani laws and regulations feel free to visit our blog.