Financial Market in Pakistan consists of (i) Money Market which gives quick time period funds and (ii) Capital Market which makes long terms funds available to companies and industries.
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Aside from the present requirements of exposing full particulars and reasons for proposing a resolution and place and date for inspection of related documents, section 102 now requires disclosure of not only the names of the involved parties but in addition the nature and extent of curiosity of directors, managers, key managerial personnel (KPM) and relations of directors, manager and KMP within the explanatory statement to be annexed for each special business within the discover calling common meetings.
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I’m happy to spotlight on a few of the key modifications and challenges the new Firms Act, 2013 has for the Corporates to face on (more specifically on the Non-public Corporations). This article would give an insight on the numerous modifications proposed by the 2013 Act as compared to the 1956 Act and my initial analysis thereon. It’s pertinent to notice that for the entire understanding of the implications of assorted sections of the 2013 Act, the related Rules will should be read with.