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030514
SECURITIES AND
EXCHANGE COMMISSION OF PAKISTAN
Circular No. 12 Reference No.SC/NBFC-ED/435/2003
May 14, 2003
FRESH LICENSE(S) TO BE
OBTAINED BY EXISTING COMPANIES
IN TERMS OF SECTION 282 C OF THE COMPANIES ORDINANCE, 1984.
Further to Circular No. 10 of 2003 dated April
10, 2003 whereby this office had prescribed a Format for the Application to be
submitted by an existing company that is engaged in one or more forms of
business as mentioned in section 282A of the Companies Ordinance 1984.
According to clause (d) of paragraph 2 of the Application Format, such company
has to furnish information regarding “directors’ interest in any other company”.
Certain companies have sought clarification regarding “directors’ interest in
any other company” since it has not been specified any where in the law or the
rules.
It is therefore, clarified that “directors’ interest in any other company” as
mentioned in clause (d) of the Application Format attached with circular No. 10
of 2003, means:
i) the directorship/employment of the concerned director in any other company;
and
ii) the shareholding of 5% or more in any other company held by the concerned
director.
Yours truly,
(Sadia Khan)
Executive Director
Distribution
Chief Executives of all Non-Banking Finance Companies.
The Chairman, NIT and ICP
The Chairman, The Investment Banks Association of Pakistan
The Chairman, Leasing Association of Pakistan
The Chairman, Mutual Funds Association of Pakistan
Institute of Chartered Accountants of Pakistan
All Divisions of SEC
All CROs
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