Text Box: Company Law & Procedures Vol I 
 
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05th update dated April 30, 2018
This update covers
-SROs: 1240(I)/2017, 421(I)/2018, 423(I)/2018, 434(I)/2018, 483(I)/2018, 485(I)/2018, 519(I)/2018, 556(I)/2018 & 558(I)/2018; and
-ICAP’s: Circular No. 02, 04 & 05 of 2018.
These are briefly explained as follows:–
Part AI – Companies Act, 2017
1.     On page AI-162(15), ICAP’s Circular No. 02 of 2018 dated February 23, 2018 has been reproduced. This is re: Better Communication in Financial Reporting.
2.     On page AI-162(16), ICAP’s Circular No. 04 of 2018 dated March 26, 2018 has been reproduced. This is re: Statement of Compliance for the Financial Statements prepared under the Companies Act, 2017.
3.     On page AI-162(22), SRO 423(I)/2018 dated April 03, 2018 has been reproduced. This is re: Disclosures in Statement of material facts section 134(3) of the Companies Act, 2017.
4.     On page AI-162(30), ICAP’s Circular No. 05 of 2018 dated April 06, 2018 has been reproduced. This is re: Invitation to Comment on Draft Illustrative Financial Statements and Draft Disclosure Checklist prepared in accordance with IFRS for SMEs and fifth schedule of the Companies Act 2017.
5.     On page AI-162(31), SRO 434(I)/2018 dated April 09, 2018 has been reproduced. This is re: International Accounting Standard IFRS 16-Leases.
6.     On page AI-162(31), The Companies (Appointment of Legal Advisers) Act, 1974 dated March 05, 1974 amended by Companies (Appointment of Legal Advisers) (amendment) Act, 2017 dated February 13, 2017 has been reproduced.
7.     On page AI-172(1), Part VIIIA of the Companies Ordinance, 1984 has been reproduced because S. 282A to 282N were not repealed in Companies Act, 2017. This is re: NBFCs
Part II – Companies Rules, 1985
8.     On page II-16, Rules 17A to 17C of the Companies (General Provisions & Forms) Rules, 1985 have been repealed by SRO 558(I)/2018 dated April 26, 2018. This is re: Auditors Reports.
Part III – Rules and Regulations
9.     On pages III-1 onwards, the following regulations have been reproduced:-
1.         Companies (Appointment of Legal Adviser) Rules, 1975.
2.         Companies (Invitation and Acceptance of Deposit) Rules, 1987.
3.         Companies (Management by Administrator) Rules, 1993.
4.         Companies (Issue of Capital) Rules, 1996.
5.         Companies (Audit of Cost Accounting) Rules, 1998.
6.         Companies (Buy-back of Shares) Rules, 1999.
7.         Companies (Rehabilitation of Sick Industrial Units) Rules, 1999.
8.         Shares Capital (Variation in Rights and Privileges) Rules, 2000.
10.     On pages III-157 onwards, SRO 1240(I)/2017 dated December 06,2017 Companies (Investment in Associated Companies or Associated Undertakings) Regulation 2017 has been reproduced. It also repealed Companies (Investment in Associated Companies or Associated Undertakings) Regulation 2012.
11.     On pages III-341 onwards, SRO 733(I)/2016 dated August 09, 2016 has been amended by SRO 519(I)/2018 dated April 24, 2018. This is re: Clearing Houses (Licensing & Operations) Regulations. 2016.
12.     On pages III-489 onwards, SRO 704(I)/2017 dated July 26, 2017 has been amended by SRO 483(I)/2018 dated April 17, 2018. This is re: Companies (Incorporation) Regulations, 2017.
13.     On page III-603, Reg.2 of the Companies (Distribution of Dividend) Reg. 2017 has been amended by SRO 485(I)/2018 dated April 18, 2018. This is re: Definitions – Paying agent.
14.     On page III-610(1), SRO 421(I)/2018 dated April 02, 2018 has been reproduced. This is re: Time period for listed companies to provide valid information.
15.     On page III-687, SRO 556(I)/2018 dated April 26, 2018 has been reproduced. This is re: The Companies (Manner & Selection of Independent Directors) Regulations, 2018.
16.     On page III-691, SRO 558(I)/2018 dated April 26, 2018 has been reproduced. This is re: Auditors (Reporting Obligations) Regulations 2018. It also repealed Rules 17A to 17C of the Companies (General Provisions & Forms) Rules, 1985.