Professional Development Program Overview for Karachi Tax Bar Association - 2017-18

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Karachi Tax Bar Association conducted a Professional Development Program in 2017-18 focusing on various legal aspects including company incorporation, prescribed filings, winding up, partnership act, and the Companies Act of 2017. The program aimed to promote the healthy growth of corporate enterprises, protect investors and creditors, encourage technological advancements, and ensure good governance in the corporate sector.

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Karachi Tax Bar associaTions Professional Development Program Basic PDP 2017-18

incorporaTion of companies, prescriBed filings & winding-up under Companies Act, 2017 and overview of parTnership acT, 1932 BY Mr. Rahat Aziz, Managing Director of S.A. Associates

PREAMBLE Previous( 1984) Addition(2017) Healthy Growth of the Corporate Enterprises. Facilitating Corporatision and Promoting development of Corporate Sector. Protection of Investors & Creditor. Encourage use of Technology and Electronic means in conduct of Business and regulation. Promotion of Investment, and Regulating for the purpose of protecting interest of shareholders, creditors other stake holder & General Public. Development of Economy. Inculcating the principle of Good Governance. Providing an alternate mechanism for expeditions resolution of corporate disputes.

COMPANIES ACT, 2017 STRUCTURE Legal Financial Managerial Bail Out Company Incorporation Share and Capital Meeting Receiver and Manager Commence of Business Intellectual Property Organization Right Issue Conversion Director Investigation Winding UP Capital Maintenance Arrangement and Reconstruction (Mergers and Acquisition) Prevention of oppressiion and Mismanagement Administration Mortgage and Charges Rehabilitation

LEGAL Company Incorporation Online Off line Availability of Name Preparation of Documents 1. Memorandum and Articles of Association 2. Forms and CNICs 3. Fee

MEMORANDUM Company Limited By Share Company Limited By Grantee Un limited Company Principle Line of Business Explanation in Section 26 of Companies Act, 2017 Explanation: Principal Line Of Business: Means The Business In which substantial assets are held or likely to be held or substantial revenue is earned or likely to be earned by a company, whichever is higher.

ARTICLES Section 36: Deals with Formation and Registration of Articles. CONTENTS: Share and Related Matters Meetings and Related Matters Director and Related Matters

SECTION 16 Registration of Memorandum and Articles of Association Sub-Section (5)- Certificate: a) b) the date of its incorporation; c) whether it is a private or a public company; d) whether it is a limited or unlimited company; and e) if it is limited, whether it is limited by shares or limited by guarantee. the name and registration number of the company;

PRESCRIBED FILLINGS Annual Return- Form A Form 29- Director and other Company Officers (Form 28) Form 3- Return of Allotment ( Form 3A- 3B) Form 26- Special Resolution

WINDING -UP MODES By Court Voluntary i- Members ii- Creditor Subject to the Supervision of the Court

SECTION 301 MODES Circumstances in which a company may be wound up by court: a) if the company has, by special resolution, resolved that the company be wound up by the Court; or b) if default is made in delivering the statutory report to the registrar or in holding the statutory meeting; or c) if default is made in holding any two consecutive annual general meetings; or d) if the company has made a default in filing with the registrar its financial statements or annual returns for immediately preceding two consecutive financial years; or e) if the number of members is reduced, in the case of public company, below three and in the case of a private company below two; or f) if the company is unable to pay its debts; or

SECTION 301 MODES g) if the company is i- conceived or brought forth for, or is or has been carrying on, unlawful or fraudulent activities; or ii- carrying on business prohibited by any law for the time being in force in Pakistan; or restricted by any law, rules or regulations for the time being in force in Pakistan; or iii- conducting its business in a manner oppressive to the minority members or persons concerned with the formation or promotion of the company; or iv- run and managed by persons who fail to maintain proper and true accounts, or commit fraud, misfeasance or malfeasance in relation to the company; or v- managed by persons who refuse to act according to the requirements of the memorandum or articles or the provisions of this Act or failed to carry out the directions or decisions of the Commission or the registrar given in the exercise of powers under this Act; or

SECTION 301 MODES h) if, being a listed company, it ceases to be such company; or i) if the Court is of opinion that it is just and equitable that the company should be wound up; or j) if a company ceases to have a member; or k) if the sole business of the company is the licensed activity and it ceases to operate consequent upon revocation of a licence granted by the Commission or any other licencing authority; or l) if a licence granted under section 42 to a company has been revoked or such a company has failed to comply with any of the provisions of section 43 or where a company licenced under section 42 is being wound up voluntarily and its liquidator has failed to complete the winding up proceeding within a period of one year from the date of commencement of its winding up; or m) if a listed company suspends its business for a whole year.

SECTION 347 Circumstances in which company may be wound up voluntary a) if the company in general meeting passes a resolution requiring the company to be wound up voluntarily as a result of the expiry of the period for its duration, if any, fixed by its articles or on the occurrence of any event in respect of which the articles provide that the company should be dissolved; or b) if the company passes a special resolution that the company be wound up voluntarily;