S.R.O. 471(I)/2003, dated 4th June, 2003

SROS: S.R.O. 471(I)/2003, dated 4th June, 2003 AMENDMENTS IN THE MODARABA COMPANIES AND MODARABA RULES, 1981 SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the 4th June 2003 NOTIFICATION S.R.O. 471(I)/2003. - In exercise of the powers conferred by section 41 of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980), read with clause (b) of section 43 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997) and the Finance Divisions Notification No. S.R.O. 698(I)/86, dated the 2nd July, 1986, the Securities and Exchange Commission of Pakistan is pleased to direct that the following further amendments shall be made in the Modaraba Companies and Modaraba Rules, 1981, namely:- In the aforesaid Rules, - (1) in rule 8, in sub-rule (4),- (a) for the words and every statement of changes in the financial position the comma and the words cash flow statement and statement of changes in equity shall be substituted; and (b) for the words operations and of the changes in its financial position the words and comma its operations, cash flows and changes in equity shall be substituted; (2) in rule 9, - (a) in sub-rule (1), for the words and a profit and loss account and a statement of changes in financial position the commas and words , a profit and loss account, a cash flow statement and a statement of changes in equity shall be substituted; (b) in sub-rule (2), after the word possible, at the end, the words, commas, brackets and figures and the balance sheet, profit and loss account, cash flow statement and statement of changes in equity prepared by the modaraba company shall conform with such International Accounting Standards and other standards as are notified from time to time in the official Gazette by the Securities and Exchange Commission of Pakistan under sub-section (3) of section 234 of the Companies Ordinance, 1984 (XLVII of 1984) shall be added; and (c) in sub-rule (3), for the words and profit and loss account and statement of financial changes the commas and words , profit and loss account, cash flow statement and statement of changes in equity together with the notes forming part thereof…