S.R.O.34(I)/2016, Islamabad, the 19th January, 2016

SROS: S.R.O.34(I)/2016, Islamabad, the 19th January, 2016 Amendments in Companies (Issue of Capital) Rules, 1996 GOVERNMENT OF PAKISTAN SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the 19th January, 2016 NOTIFICATION S.R.O.34(I)/2016.- In exercise of the powers conferred by sub-section (1) of section 506 of the Companies Ordinance, 1984 (XLVII of 1984) read with clause (b) of section 43 of the Securities and Exchange Commission of Pakistan Act. 1997 (XLII of 1997), the Securities and Exchange Commission of Pakistan, with the approval of the Federal Government, is pleased to direct that the following amendments shall be made in the Companies (Issue of Capital) Rules, 1996, the same having been previously published vide Notification No. S.R.O. 866(1)/2010, dated the 8lh September, 2010, namely:- In the aforesaid Rules. - (1) in rule 1, in sub-rule (3).- (a) in clause (i). for the word offer, the word issue shall be substituted; (b) in clause (iii), the word and, occurring at the end. shall be omitted; (c) in clause (iv), for full stop at the end, a semicolon and the word and shall be substituted; and (d) after clause (iv), amended as aforesaid, the following new clause shall be added, namely.- (v) sponsors of the issuing and listed companies. ; (2) for rule 2, the following shall be substituted, namely:- 2. Definitions.- (1) In these rules, unless there is anything repugnant in the subject or context, sponsor means,- (a) a person who has contributed initial capital in the issuing company and has the right to appoint majority of the directors on the board of the issuing company directly or indirectly by virtue of shareholding held in its own name and in the names of his relatives, associated companies and associated undertakings; (b) a person who replaces the person referred to in clause (a); and (c) a person or group of persons having management control of the issuing company whether directly or indirectly. Explanation - For the purpose of this sub-rule the term relative includes a spouse, father, mother, brother, sister and son or daughter, including a step or adopted child. (2) All other words and expressions used in these rules, but not defined,…