Companies Amendment Bill, 2021


To determine the terms of and the circumstances in which a law suit may be compromised and a claim or right in favour of a company may be released, extinguished or relinquished. Any casual vacancy in the Board of Directors of a company is filled up by the directors. The issue of personal accident policies is governed by the same conditions as those applicable to life policies. Insurance cover on non-marine risks inside Pakistan can be issued in Rupees only. Nothing in this paragraph shall affect the operation of the warehouse clause in marine insurance policies.

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To build capacity of trade organizations and to make them truly Business Support Organizations within the defined parameters of the law. Directorate General of Trade Organisations is working as an attached department of Ministry of Commerce, Government of Pakistan. It was established in 2007 after promulgation of Trade Organisations Ordinance, 2007, as a regulatory body to implement provisions of the aforesaid Ordinance. The Trade Organisations Ordinance, 2007 is enacted in the shape of Trade Organizations Act, 2013 on 22nd. The core function of this Directorate is to process the applications for grant of licenses and registration of trade bodies under the Act. It also oversees the elections and results of Office Bearers and Executive Committee members of trade bodies and ensures that Trade Organizations Act and Rules made thereunder are being followed in letter and spirit by the trade organizations.

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It is the practice with foreign insurance companies, operating in Pakistan, to settle through their head offices all claims arising under the policies issued by them and payable to non-residents. Similarly claims arising in Pakistan under the policies issued by their head offices are settled by their branches in Pakistan. To facilitate such settlements the local branches of overseas insurance companies are allowed to transfer their surplus funds on quarterly, half-yearly or annual basis.

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Shipments between two countries outside Pakistan financed by a person or firm in Pakistan with the permission of the State Bank, can be insured in Rupees or in foreign currency. AID Programme on C.I.F. basis can, at the option of the importers, be utilized for imports from U.S.A. on C.I.F. basis by arranging insurance in the U.S.A. Insurance policies on the lives of Pakistanis resident in Pakistan can be issued only in Rupees. Moreover, new clauses have been added to allow private companies to issue shares to new investors against properties and to their employees under employee’s stock option schemes. Private companies have also been allowed to buy-back their shares.

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Foreign insurance companies are required to settle claims in respect of marine policies covering exports through their head offices on the basis of all the above claim documents. Foreign currency policies may be issued on the lives of foreign nationals where premia is paid by them in foreign exchange or out of remittable Rupee funds of the policy holders as laid down in paragraph 17 ibid. Foreign currency policies can also be issued on the lives of Pakistan nationals domiciled abroad provided premium is paid in foreign exchange only. She earned her Master’s degree in Business Administration and has also attended a number of senior level trainings and courses within Pakistan and abroad. The World Bank Group in its report of March 2020 also ranked her as one of the top five “Women Reformers” who have made it easier to do business around the world. Premia on policies issued in Rupees to non-residents can be collected by remittance from the country in which the policy holder is resident or out of Rupees held in his non-resident account.

To strengthen the dispute resolution mechanism in order to resolve disputes within trade organizations. Licensing and regulating trade organizations strictly in accordance with the laid down criteria to block the emergence of fake trade organizations, which might defeat the purpose of the law. The directors are responsible for compliance with the statutory requirements regarding preparation and maintenance of proper books of account and circulation of financial statements that give a true and fair view.

Insurance cover on assets outside Pakistan owned by residents of Pakistan can be issued in Rupees or in the currency of the country in which the assets are situated. Life and Endowment policies fall within the definition of securities and cannot be taken or sent out of Pakistan without the prior approval of the State Bank. Application for export of life policies should be made to the State Bank giving full description of the policy and reasons for its export. Understand computer-based information systems and able to use computing tools and infrastructures to apply and interpret functional business knowledge.

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