Islamabad, the 27th January, 2005

S. R.0.98 (I)/2005;—In exercise of the powers conferred by sub-section (1) of section 120 of the Companies Ordinance, 1984 (the Ordinance), read with clause (c) of section 43 of the Securities and Exchange Commission of Pakistan Act, 1997, the Securities and Exchange Commission of Pakistan is please to specify the following as "other persons " to whom any instrument in the nature of redeemable capital may be issued by a company, subject to the terms and conditions of the agreement contemplated in the said section 120:—

(i) All companies as defined under section 2(7) of the Ordinance including insurance companies;

(ii) all bodies corporate;(iii) all operations governed by special enactments as referred to in section 503 of the Ordinance.

[No.SM/Misc(Prosp)/10/03.]

Sd/-

MOHAMMED HAYAT JASRA

 Executive Director.