Archive for the Rules & Regulations Category

AUDIT COMMITTEE

Posted on June 21, 2008

COMPOSITION The Board of Directors of every listed company shall establish an Audit Committee, which shall comprise not less than three members, including the chairman. Majority of the members of the Committee shall be from among the non-executive directors of the listed company and the chairman of the Audit Committee shall preferably be a non-executive [...]

XI. CODE OF CORPORATE GOVERNANCE

Posted on June 21, 2008

BOARD OF   DIRECTORS</strong></p> <ol start=”36″>   <li>All listed companies shall   encourage effective representation of independent non-executive directors,   including those representing minority interests, on their Boards of Directors so   that the Board as a group includes core competencies considered relevant in the   context of each listed company. For the purpose, listed companies may take   necessary steps [...]

X. LISTING AND ANNUAL FEES

Posted on June 21, 2008

A company applying for listing on the Exchange, shall pay an initial listing fee equivalent to 0.1% of the PAID‑UP‑CAPITAL subject to a respective minimum and maximum limit of rupees one hundred thousand or rupees one million as the case may be. Provided that in case of debt instruments or mutual funds, the initial listing [...]

31-D Time Frame for Completion for Requirements

Posted on June 21, 2008

The company shall immediately convey the decision of its Board of Directors to de-list the securities, provided that intimation of such decision to the Exchange shall be supported with a copy of the relevant resolution passed by the Board of Directors in this regard. Within one week of the aforementioned intimation, the company will furnish [...]

31 -C Procedure for voluntary de-listing:-

Posted on June 21, 2008

-C    Procedure for voluntary de-listing: – A formal application shall be made by the company for de-listing supported by reasons thereof and the proposed purchase price along with non- refundable application fee of Rs. 100,000/- (Rupees One Hundred Thousand only) to be paid by the sponsors. On approval by the Exchange of the application, the [...]

IX. DE­LISTING, SUSPENSION AND DEFAULTERS’ COUNTER

Posted on June 21, 2008

A listed company may be de-listed, suspended or placed on the Defaulters’ Counter for any of the following reasons:- if its securities are quoted below 50% of face value for a continuous period of three years. Provided that if the shares of the company quoted at 50% or above of their face value then such [...]

Quality of Audit

Posted on June 21, 2008

-A All listed companies shall facilitate the Quality Control Review (QCR) of the audit working papers of practicing chartered accountants, carried out by the Institute of Chartered Accountants of Pakistan (ICAP) and, therefore, shall authorize their auditors to make available all the relevant information including the audit working papers to the QCR Committee of ICAP. [...]

VIII. LISTING OF SUBSIDIARY COMPANY & OTHER MATTERS

Posted on June 21, 2008

A listed company distributing shares of its unlisted subsidiary company in the form of special dividend, right shares or any similar distribution shall get such subsidiary company listed on the Exchange within a period of 120 days from the date of approval of such distribution by the shareholders at a meeting of such company. In [...]

VI. ANNUAL GENERAL MEETINGS, ETC.

Posted on June 21, 2008

A listed company shall hold its Annual General meeting and lay before the said meetings Balance Sheet and Profit & Loss Account within four months following the closure of its financial year. Each Modarba shall hold an annual review meeting of its certificate holders and lay before the said meeting its financial statements within four [...]

V. DIVIDENDS AND ENTITLEMENTS

Posted on June 21, 2008

  Every listed company shall advise and keep advised by appropriate writings the Exchange of all dividends and entitlement in respect of its listed securities immediately upon recommendations by its directors through a letter to be delivered under a sealed cover during trading hours of the Exchange. Listed companies, holding their board meetings outside Islamabad, [...]