Companies Act, 2017

PART-I

PRELIMINARY

Companies Act, 2017 PART-I PRELIMINARY From: 2023-11-01 - To: 0000-00-00 2. Definitions - (1) In this Act, unless there is anything repugnant in the subject or context,- (1) “advocate” shall have the same meaning as assigned to it in section 2 of the Legal Practitioners and Bar Councils Act, 1973 (XXXV of 1973); (2) “alter” or “alteration” includes making of additions or omissions without substituting or destroying main scheme of the document; (3) “articles” mean the articles of association of a company framed in accordance with the company law 1[or this Act];? (4) “associated companies” and “associated undertakings” mean any two or more companies or undertakings, or a company and an undertaking, interconnected with each other in the following manner, namely:- (a) if a person who is owner or a partner or director of a company or undertaking, or who, directly or indirectly, holds or controls shares carrying not less than twenty percent of the voting power in such company or undertaking, is also the owner or partner or director of another company or undertaking, or directly or indirectly, holds or controls shares carrying not less than twenty percent of the voting power in that company or undertaking; or (b) if the companies or undertakings are under common management or control or one is the subsidiary of another; or (c) if the undertaking is a modaraba managed by the company; and a person who is the owner of or a partner or director in a company or undertaking or, who so holds or controls shares carrying not less than ten percent of the voting power in a company or undertaking, shall be deemed to be an “associated person” of every such other person and of the person who is the owner of or a partner or director in such other company or undertaking, or who so holds or controls such shares in such company or undertaking: Provided that- (i) shares shall be deemed to be owned, held or controlled by a person if they are owned, held or controlled by that person or by the spouse or minor children of the person; (ii) directorship of a person or persons by virtue of nomination by 2[concerned Minister-in-Charge] the Federal Government or as the case may be, a Provincial…