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farooq_haider22 · #14 Sunday, November 12, 2006

THE SCHEDULE
POWERS AND FUNCTIONS CONFERRED ON THE AUTHORITY UNDER THE ORDINANCE TO BE EXERCISED BY THE COMMISSION
(See clause (o) of sub-section (4) of section 20)
1. To call for any information, document etc. for purposes of any proceeding or inquiry (section 12(4) of the Ordinance).
2. To allow alteration in the Memorandum of Association (section 21 of the Ordinance).
3. To decide whether a name of a company is appropriate and permissible (section 37 of the Ordinance).
4. To grant licence to an association not for profit to be registered as a company (section 42 of the Ordinance).
5. To accord approval for conversion of a public company into a private company (section 44 of the Ordinance).
6. Approval of prospectus (section 57 of the Ordinance).
7. To allow issue of securities outside Pakistan (section 62A of the Ordinance).
8. To specify minimum amount of shares to be applied for and the form of application for shares (section 67 of the Ordinance).
9. To prescribe maximum rate of commission on issue of shares (section 82 of the Ordinance).
10. To sanction issue of shares at discount (section 84 of the Ordinance).
11. To grant extension in time for holding AGM in the case of listed companies (section 158 of the Ordinance).
12. To allow a company to make a loan to a director (section 195 of the Ordinance).
13. To grant exemption for appointment of managing agent and to approve appointment of sole sale/purchase/distribution agents (section 206 of the Ordinance).
14. To recover tenderable gains (section 224 of the Ordinance).
15. To prescribe cost accounting records for manufacturing companies (section 230 of the Ordinance).
16. To extend period for laying annual accounts in the AGM by listed companies (section 233 of the Ordinance).
17. To direct a change in financial year of holding companies and their subsidiaries (section 238 of the Ordinance).
18. To call for additional statements of accounts from companies (section 246 of the Ordinance).
19. To appoint auditors in certain cases (section 252(6) of the Ordinance).
20. To conduct investigation into the affairs of the companies (sections 263 and 265 of the Ordinance).
21. To prosecute a company or person found guilty as a consequence of investigation (sections 270 and 271 of the Ordinance).
22. To appoint administrator (section 295 of the Ordinance).
23. To make application to the Court for winding up a company (section 309 of the Ordinance).
24. To recommend a panel of persons to the Court for appointment as official liquidator (section 321 of the Ordinance).
25. To order restoration of the names of defunct companies (section 439(9) of the Ordinance).
26. To exercise similar powers in the case of foreign companies (section 457 of the Ordinance).
27. To accord special permission to take over original documents from custody of Registrar (section 467 of the Ordinance).
28. To prescribe additional fees for filing of documents (section 469 of the Ordinance).
29. To force companies to comply with the provisions of the Ordinance (section 472 of the Ordinance).
30. To impose fine as penalty (section 476 of the Ordinance).
31. To hear appeals against the orders of Registrar (section 477 of the Ordinance).
32. To exercise powers of court in relation to enquiries and proceedings (section 478 of the Ordinance).
33. To direct appearance of officers of companies (section 479 of the Ordinance).
34. To apply amount of fine towards payments of costs, compensations, etc. (section 483 of the Ordinance).
35. To hear revision petition against the orders of Registrar, etc. (section 484 of the Ordinance).
36. To grant relief in certain cases (section 488 of the Ordinance).
37. To impose penalty for wrongful withholding of company profit (section 493 of the Ordinance).
38. To impose penalty for non-compliance with directions (section 495 of the Ordinance). ABDUL QAYYUM KHAN Secretary