SUGGESTED SOLUTIONS/ ANSWERS – FALL 2015 EXAMINATIONS 1 of 8

CORPORATE LAWS AND SECRETARIAL PRACTICES – SEMESTER-4

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Question No. 2

(a) (i) Conditions Need to Fulfill to Get a Licence: 05

Al-Mairaj is an organization with objectives to promote religious education, and intends to
register as Limited Company. Al-Mairaj should apply to Commission (SECURITIES
EXCHANGE COMMISSION OF PAKSITAN) for registration as Non Profit Organizations
(NPO), Charities or Charitable Organization.
The Commission will grant licence and direct the Al-Mairaj to be registered as Company
with limited liability, without the addition of word Limited where it is proved to the
Commission that the company is capable of being formed as Limited Company:
 for promoting commerce, art, science, religion, sports, social services, charity or any
other useful objects;
 intends to apply its profits, if any, or other income in promoting its objects;
 prohibits the payment of any dividend to its members;
 other conditions and regulations as the SECP thinks fit and those conditions and
regulations shall be binding on the association and shall, if the SECP so directs, be
inserted in the memorandum and articles, or in one of those documents.

(ii) Revocation of the Licence and Consequences of Revocation: 02

1. A licence section may at any time be revoked by the SECP,
Provided that, before a licence is so revoked, the Commission shall give to the
association notice in writing of its intention, and shall afford the association an
opportunity of submitting a representation in opposition to the revocation.
2. Upon its revocation the registrar shall enter the word or words "Limited" at the end of
the name of the association upon the register, and the association shall cease to enjoy
the exemptions and privileges granted,

(b) (i) Responsibility of Mr. Khalid: 02

1. Mr. Khalid shall immediately notify in writing to the Company Secretary about sale of
share transaction and
2. He also deliver a written record of the price (i.e., Rs.20), number of shares (i.e.,
15,000), form of share certificates, i.e., whether physical or electronic within the Central
Depository System, and nature of transaction to the Company Secretary within four
days of effecting the transaction.

(ii) Responsibility of Company Secretary: 02

 The Company Secretary shall immediately forward the same to the Stock Exchange for
its dissemination to all concerned.
 The Company Secretary shall present the notice of Mr. Khalid the director at the
meeting of the board of directors immediately subsequent to transaction of sale of
shares.
 In the event of default by Mr. Khalid to give a written notice or deliver a written record,
the Company Secretary shall place the matter before the Board of Directors in its
immediate next meeting.

DISCLAIMER: These suggested answers including write-ups, tables, charts, diagrams, graphs, figures etc., are uploaded for the use of ICMA Pakistan members, students and faculty members only. No part of it can be reproduced,
stored in a retrieval system or transmitted in any physical/ or electronic form or by any other means including electronic, mechanical, photocopying, recording or otherwise without prior written permission of the ICMA Pakistan. The
suggested answers provided on and made available through the ICMA Pakistan’s website may only be referred, relied upon or treated as general guidelines and NOT a substitute for professional advice. The ICMA Pakistan has
provided suggested answers on the basis of certain assumptions for general guidance of the students and there may be other possible answ ers/ solutions based on different assumptions and understanding. The ICMA Pakistan and its
Council Members, Examiners or Employees shall not be liable in respect of any damages, losses, claims and expenses arising out of using contents of these suggested answers. It is clarified that the ICMA Pakistan shall not be liable
to attend or receive any comments, observations or critiques related to the suggested answers.
 SUGGESTED SOLUTIONS/ ANSWERS – FALL 2015 EXAMINATIONS 2 of 8
CORPORATE LAWS AND SECRETARIAL PRACTICES – SEMESTER-4
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(c) Comments on Events/ Activities in the Light of Best Corporate Governance Practices: 08

1. As per the Code of Corporate Governance "independent director" means a director who is
not connected or does not have any other relationship, whether pecuniary or otherwise,
with the listed company, its associated companies, subsidiaries, holding company or
directors.
In the light of above definition allotment of permanent room will curb the independency of
an independent director. Excessive benefits show undue involvement of an independent
director in the affairs of the company. Therefore, for best practice of Corporate Governance,
independent director should not be given such type of incentives.

2. As per the Code of Corporate Governance, ‘non-executive directors’ are those who are not
from among the executive management team and may or may not be independent. They
are expected to lend an outside viewpoint to the Board of Directors of a company and do
not undertake to devote their whole working time to the company. The guiding factor in
distinguishing between executive and non-executive directors of a company is the extent of
their involvement in managing the affairs of the company.
In the light and guidance of the above definition of non-executive directors, he shall not be
involved in day to day affairs of the company. Therefore, reimbursement of rent-a-car bills is
against the best practice of Corporate Governance and transparency.

3. As per the Code of Corporate Governance ‘Executive directors’ are whole-time directors of
a company. Subject to section 200 of the Companies Ordinance, 1984 “ the terms and
conditions of appointment of a chief executive shall be determined by the directors or the
company in general meeting in accordance with the provisions in the company’s articles of
Association.

Keeping in view above provision CEO may use both the vehicles for his office as well as
personal if compensations and benefits are included in the terms and conditions of the
employment contract approved by the directors in the light of Articles of Association.

4. As the Chairman Hilton Company is also Chief Financial Officer (CFO) of Altamash Limited,
so question of conflict of interest may be raised, if he awards the material contract to
Altamash Limited due to his influence as chairman of Hilton Company without merit.
However, both the companies may be entered into contracts if the contracts are made at
arm length transactions. If any director on the Board has interest or conflict with any other
director on the board is created then such director should refrain to comment and cast his
vote in favour of the proposal. Such transaction is required to be approved by Board of
Directors.

Question No. 3

(a) (i) Eligibility/ Ineligibility to Become Director After Selling all Shares: 02
Mr. Zafar will remain Director of the company after selling of all shares as:
1. There is no condition to hold qualification shares in Articles of Association and,
2. He is an employee and whole time director of Burq Limited i.e., with reference to
section 187 ‘ineligibility of certain person to become director’ a person is ineligible
to become director if he is not a member. However, it is further provided in such
section, that it is not applicable for whole time director who is an employee of the
company.
DISCLAIMER: These suggested answers including write-ups, tables, charts, diagrams, graphs, figures etc., are uploaded for the use of ICMA Pakistan members, students and faculty members only. No part of it can be reproduced,
stored in a retrieval system or transmitted in any physical/ or electronic form or by any other means including electronic, mechanical, photocopying, recording or otherwise without prior written permission of the ICMA Pakistan. The
suggested answers provided on and made available through the ICMA Pakistan’s website may only be referred, relied upon or treated as general guidelines and NOT a substitute for professional advice. The ICMA Pakistan has
provided suggested answers on the basis of certain assumptions for general guidance of the students and there may be other possible answ ers/ solutions based on different assumptions and understanding. The ICMA Pakistan and its
Council Members, Examiners or Employees shall not be liable in respect of any damages, losses, claims and expenses arising out of using contents of these suggested answers. It is clarified that the ICMA Pakistan shall not be liable
to attend or receive any comments, observations or critiques related to the suggested answers.
 SUGGESTED SOLUTIONS/ ANSWERS – FALL 2015 EXAMINATIONS 3 of 8
CORPORATE LAWS AND SECRETARIAL PRACTICES – SEMESTER-4
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(ii) Vacation of office by the directors: 03
1. Objection of Chief Executive Officer is not valid, because as per section 188 (i) (b) a
director shall ipso facto cease to hold office if he absents himself from three
consecutive meetings of the directors or from all the meetings of the directors for a
continuous period of three months, whichever is the longer, without leave of absence.
2. In the case of Mr. Afzal, he only remained absent from two consecutives meetings
without leave of absence i.e. September and October. Therefore, he may attend the
meeting for the month of November.

(b) (i) Content of Directors’ Report: 08

 The directors of Silver (Private) Limited, a subsidiary of Diamond Limited is required u/s.
236 to make out and attach to every balance-sheet a report with respect to the state of
the company’s affairs, the amount if any, which they
 should be paid by way of dividend
 propose to carry to the Reserve Fund, General Reserve or Reserve Account
The Silver (Private) Limited being a subsidiary of Diamond Limited u/s 236(2)is required to
report in directors report in addition to the recommendation of dividend and proposal for
appropriation in reserves the following:
 disclose any material changes and commitments affecting the financial position of
company which have occurred between the end of financial year of the company to
which the balance sheet relates and date of the report.
 so far as is material for the appreciation of the state of the company's affairs by its
members, deal with any changes that have occurred during the financial year
concerning the nature of the business of the company or of its subsidiaries, or in the
classes of business in which the company has interest, whether as a member of
another company or otherwise, unless the Commission exempts any company from
making such disclosure on the ground that such disclosures would be prejudicial to the
business of the company;
 Fullest information and explanation in regard to any reservation, observation,
qualification or adverse remarks contained in the auditor’s report
 Pattern of Holdings of the shares in the form prescribed
 State name of country of incorporation of its holding company, if any, where such
holding company is established outside Pakistan.
 Earnings per share
 Reasons for incurring loss and a reasonable indication of future prospects of profit, if
any
 Default in payment of debts, if any, reason thereof.

(ii) Authorized Persons to Sign the Directors’ Report: 02

1. The Directors’ Report shall be signed by the chairman of the directors or the chief
executive of the company on behalf of the directors if authorised in that behalf by the
directors and,
2. When not so authorised, shall be signed by the chief executive and such number of
directors as are required to sign the balance-sheet and profit and loss account under
section 241 of the Companies Ordinance, 1984.

DISCLAIMER: These suggested answers including write-ups, tables, charts, diagrams, graphs, figures etc., are uploaded for the use of ICMA Pakistan members, students and faculty members only. No part of it can be reproduced,
stored in a retrieval system or transmitted in any physical/ or electronic form or by any other means including electronic, mechanical, photocopying, recording or otherwise without prior written permission of the ICMA Pakistan. The
suggested answers provided on and made available through the ICMA Pakistan’s website may only be referred, relied upon or treated as general guidelines and NOT a substitute for professional advice. The ICMA Pakistan has
provided suggested answers on the basis of certain assumptions for general guidance of the students and there may be other possible answ ers/ solutions based on different assumptions and understanding. The ICMA Pakistan and its
Council Members, Examiners or Employees shall not be liable in respect of any damages, losses, claims and expenses arising out of using contents of these suggested answers. It is clarified that the ICMA Pakistan shall not be liable
to attend or receive any comments, observations or critiques related to the suggested answers.
 SUGGESTED SOLUTIONS/ ANSWERS – FALL 2015 EXAMINATIONS 4 of 8
CORPORATE LAWS AND SECRETARIAL PRACTICES – SEMESTER-4
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Question No. 4

(a) Corporate Social Responsibility Activities: 04

Corporate Social Responsibility activities shall be in the Directors’ Report to the shareholders
annexed to the annual audited accounts. The disclosure of such activities will be in addition to
the disclosure requirements already mentioned in the Ordinance.
Following activities shall be disclosed:
(i) corporate philanthropy
(ii) energy conservation
(iii) environmental protection measures
(iv) community investment and welfare schemes
(v) consumer protection measures
(vi) welfare spending for under-privileged classes
(vii) industrial relations
(viii) employment of special persons
(ix) occupational safety and health
(x) business ethics and anti-corruption measures
(xi) national-cause donations
(xii) contribution to national exchequer
(xiii) rural development programs.

(b) (i) After the death of Mr. Shahid, ZS (Private) Limited shall not become a single member 03
private limited company automatically, until Mr. Zahid does not fulfill the following
conditions:
1. Passes a special resolution for change of status and makes necessary alteration in
articles of association and obtains approval of SECP.
2. The company shall transfer shares in the name of single member within fifteen days of
the approval of the Commission and notify change in the board of directors on Form 29
within fourteen days from date of transfer of shares.
3. A certified copy of the order containing the approval, together with a notice and a
nomination of nominee directors shall be filed with the concerned registrar.

(ii) As the contract between ZS (SMC-Private) Limited and Mr. Zahid without a written 02
document, then the company shall ensure that the terms of the contract are immediately set
out in a written memorandum or are recorded in the minutes of the first meeting of the
directors of the company following the making of the contract.

(c) Nature of Rights and Privileges: 03

The variation in the rights and privileges of the shareholders in a kind of shares capital or class
or classes therein may be of the nature, including the following:
1. Different voting rights; voting rights disproportionate to the paid up value of shares held;
voting rights for specific purposes only; or no voting rights at all;
2. Different rights for entitlement of dividend, right shares or bonus shares or entitlement to
receive the notices and to attend the general meetings; and
3. Rights and privileges for indefinite period, for a limited specified period or for such periods
as may from time to time be determined by the members through special resolution.
DISCLAIMER: These suggested answers including write-ups, tables, charts, diagrams, graphs, figures etc., are uploaded for the use of ICMA Pakistan members, students and faculty members only. No part of it can be reproduced,
stored in a retrieval system or transmitted in any physical/ or electronic form or by any other means including electronic, mechanical, photocopying, recording or otherwise without prior written permission of the ICMA Pakistan. The
suggested answers provided on and made available through the ICMA Pakistan’s website may only be referred, relied upon or treated as general guidelines and NOT a substitute for professional advice. The ICMA Pakistan has
provided suggested answers on the basis of certain assumptions for general guidance of the students and there may be other possible answ ers/ solutions based on different assumptions and understanding. The ICMA Pakistan and its
Council Members, Examiners or Employees shall not be liable in respect of any damages, losses, claims and expenses arising out of using contents of these suggested answers. It is clarified that the ICMA Pakistan shall not be liable
to attend or receive any comments, observations or critiques related to the suggested answers.
 SUGGESTED SOLUTIONS/ ANSWERS – FALL 2015 EXAMINATIONS 5 of 8
CORPORATE LAWS AND SECRETARIAL PRACTICES – SEMESTER-4
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Question No. 5
(a) Further Issue of Modaraba Certificates: 05
1. Where the modaraba company decides to increase the modaraba fund of a modaraba by
the issue of new modaraba certificates, such certificates shall subject to the conditions
imposed by the Registrar, be offered to the existing certificate holders in proportion to the
existing certificates held by them, and such offer shall be made by notice specifying the
number of certificates to which the certificate holder is entitled, and limiting a time within
which the offer, if not accepted, will be deemed to be declined.
2. The offer of new modaraba certificates shall be accompanied by a circular duly signed by
the directors of the modaraba company or an officer of the company authorized by them in
this behalf in the form prescribed by the Registrar containing material information about the
affairs and accounts of the modaraba and setting forth the necessity for raising of further
funds with business prospects.
3. A copy of the circular signed in the manner specified therein shall be filed with the Registrar
before it is sent to the modaraba certificate holders.
4. If, in any case, the whole or any part of the issue of certificates so offered is declined or is
not subscribed, the modaraba company may offer the unsubscribed part in such manner as
may be approved by the Registrar.
5. Where the new modaraba certificates forming part of the modaraba fund are to be issued to
the public, a prospectus shall be issued which shall comply, in all respects, with the
requirements applicable to a prospectus and be subject to the liabilities specified in the
Modaraba Companies and Modarabas (Floatation and Control) Ordinance, 1980 and the
Modaraba Companies and Modaraba Rules, 1981.

(b) (i) Custodian: 02

“Custodian” includes a bank licensed under the Banking Companies Ordinance, 1962 (LVII
of 1962) or a trust company which is a subsidiary of such bank or a central depository
company approved by the Commission or an NBFC carrying out investment finance
services provided it has been approved by the Commission to act as custodian or such
other company as may be approved by the Commission to act as custodian.

(ii) Condition for Appointment as a Director in NBFC: 02

Mr. Atif shall not be appointed as directors in any other Non Banking Finance Companies
licensed for the same form of business.
However, the above condition shall not apply to Mr. Atif if he is the nominees of the Federal
or Provincial Governments on the Board of any NBFC or, any exception specified by the
Commission.

Question No. 6
(a) Notice of Proposed Resolution: 04
In the light of section 164 of the Companies Ordinance, 1984 any member having not less than
ten percent voting power in the company may give notice of a resolution and such resolution
together with the supporting statement, if any, is required to be forwarded in such a way so as to
reach the company at least fifteen days before the meeting.
Mr. Kashif has 12% shares in the company, so he is entitled to submit the resolution to the
company. However, since the notice was given by him to the company on December 20, 2015,
i.e., not fifteen days before the meeting, therefore the company was not bound to circulate the
resolution.

DISCLAIMER: These suggested answers including write-ups, tables, charts, diagrams, graphs, figures etc., are uploaded for the use of ICMA Pakistan members, students and faculty members only. No part of it can be reproduced,
stored in a retrieval system or transmitted in any physical/ or electronic form or by any other means including electronic, mechanical, photocopying, recording or otherwise without prior written permission of the ICMA Pakistan. The
suggested answers provided on and made available through the ICMA Pakistan’s website may only be referred, relied upon or treated as general guidelines and NOT a substitute for professional advice. The ICMA Pakistan has
provided suggested answers on the basis of certain assumptions for general guidance of the students and there may be other possible answ ers/ solutions based on different assumptions and understanding. The ICMA Pakistan and its
Council Members, Examiners or Employees shall not be liable in respect of any damages, losses, claims and expenses arising out of using contents of these suggested answers. It is clarified that the ICMA Pakistan shall not be liable
to attend or receive any comments, observations or critiques related to the suggested answers.
 SUGGESTED SOLUTIONS/ ANSWERS – FALL 2015 EXAMINATIONS 6 of 8
CORPORATE LAWS AND SECRETARIAL PRACTICES – SEMESTER-4
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(b) SECP’s eServices: 04
SECP’s eServices is a web-based system accessible from anywhere in the world via definite
login ID and a password. It facilitates the corporate sector, practitioners, consultants and public
at large. We can apply for availability of name, incorporate companies and do e-filing of
statutory returns through this system.
Benefits of Using eServices:
 It is much easier to file Applications/ Returns online.
 Fee for online filing has been kept lower as compared to physical submission of documents.
 It enables the promoters and other officers of the company to interact online using the
eServices portal, without visiting the Company Registration Offices (CROs) at the Securities
and Exchange Commission of Pakistan (SECP).

(c) (i) The Authority and Time Limit to Fix the Number of Director: 02
The directors of a company shall fix the number of directors of the company not later than
thirty-five days before the convening of the general meeting at which directors are to be
elected.

(ii) Contents of Notice: 03

Contents of notice under section 178 (2) of the Companies Ordinance, 1984 shall be among
other matters, expressly included:
(a) number of elected directors fixed, and
(b) names of the retiring directors.
Extract from the Notice of Extra-Ordinary General Meeting:
“To elect nine directors as fixed by the Board of Directors in accordance with the provision
of section 178(1) of the Companies Ordinance, 1984, Articles of Association, for the next
tenure of three years commencing from April 1, 2016.
The names of the retiring directors are as follows:
1. Mr. Arif
2. Mr. Badar
3. Mr. Saleem
4. Mr. Dawood
5. Mr. Ejaz
6. Mr. Fawwad
7. Mr. Ghazi
Every candidate consisting for election as a director, whether he is retiring director or
otherwise shall file with the company not later than fourteen(14) days before the date of
meeting at which elections are to be held, a notice of his/ her intention to offer himself/
herself as a director , along with the consent to serve as a director in the prescribed form-
28, a detailed profile along with his/ her relevant declarations as required under the Code of
Corporate Governance to his/ her appointment as director of the company.

DISCLAIMER: These suggested answers including write-ups, tables, charts, diagrams, graphs, figures etc., are uploaded for the use of ICMA Pakistan members, students and faculty members only. No part of it can be reproduced,
stored in a retrieval system or transmitted in any physical/ or electronic form or by any other means including electronic, mechanical, photocopying, recording or otherwise without prior written permission of the ICMA Pakistan. The
suggested answers provided on and made available through the ICMA Pakistan’s website may only be referred, relied upon or treated as general guidelines and NOT a substitute for professional advice. The ICMA Pakistan has
provided suggested answers on the basis of certain assumptions for general guidance of the students and there may be other possible answ ers/ solutions based on different assumptions and understanding. The ICMA Pakistan and its
Council Members, Examiners or Employees shall not be liable in respect of any damages, losses, claims and expenses arising out of using contents of these suggested answers. It is clarified that the ICMA Pakistan shall not be liable
to attend or receive any comments, observations or critiques related to the suggested answers.
 SUGGESTED SOLUTIONS/ ANSWERS – FALL 2015 EXAMINATIONS 7 of 8
CORPORATE LAWS AND SECRETARIAL PRACTICES – SEMESTER-4
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(iii) (1) Assume all Retiring Directors and Messer Hamid, Jawad and Kamran have Filed 02
with the Company Notices of their Intention to Offer themselves:
ELECTION OF DIRECTORS
NOTICE UNDER SECTION 178(4) OF THE COMPANIES ORDINANCE, 1984
Members are hereby notified that pursuant to Section 178 (3) of the Companies
Ordinance, 1984, the following persons have filed with the company notices of their
intention to offer themselves for election of directors of the company at the
Extraordinary General Meeting to be held on March 31, 2016, Karachi:
1. Mr. Arif
2. Mr. Badar
3. Mr. Saleem
4. Mr. Dawood
5. Mr. Ejaz
6. Mr. Fawwad
7. Mr. Ghazi
8. Mr. Hamid
9. Mr. Jawad
10. Mr. Kamran
Since the number of persons who have offered themselves to be elected is more than
the nine number of directors fixed by the Board under Section 178 (1) of the
Companies Ordinance, 1984, therefore, the nine person to be elected among the
above mentioned persons at the forthcoming Extraordinary General Meeting.

(2) Assume all Retiring Directors and M/s Hamid and Jawad have Filed with the 03
Company Notices of their Intention to Offer themselves:
ELECTION OF DIRECTORS
NOTICE UNDER SECTION 178(4) OF THE COMPANIES ORDINANCE, 1984
Members are hereby notified that pursuant to Section 178 (3) of the Companies
Ordinance, 1984, the following persons have filed with the company notices of their
intention to offer themselves for election of directors of the company at the
Extraordinary General Meeting to be held on March 31, 2016, Karachi.
1. Mr. Arif
2. Mr. Badar
3. Mr. Saleem
4. Mr. Dawood
5. Mr. Ejaz
6. Mr. Fawwad
7. Mr. Ghazi
8. Mr. Hamid
9. Mr. Jawad
Since the number of persons who have offered themselves to be elected is not more
than the number of directors fixed by the Board under Section 178 (1) of the
Companies Ordinance, 1984, therefore, the above mentioned persons shall be deemed
to be elected at the forthcoming Extraordinary General Meeting.

DISCLAIMER: These suggested answers including write-ups, tables, charts, diagrams, graphs, figures etc., are uploaded for the use of ICMA Pakistan members, students and faculty members only. No part of it can be reproduced,
stored in a retrieval system or transmitted in any physical/ or electronic form or by any other means including electronic, mechanical, photocopying, recording or otherwise without prior written permission of the ICMA Pakistan. The
suggested answers provided on and made available through the ICMA Pakistan’s website may only be referred, relied upon or treated as general guidelines and NOT a substitute for professional advice. The ICMA Pakistan has
provided suggested answers on the basis of certain assumptions for general guidance of the students and there may be other possible answ ers/ solutions based on different assumptions and understanding. The ICMA Pakistan and its
Council Members, Examiners or Employees shall not be liable in respect of any damages, losses, claims and expenses arising out of using contents of these suggested answers. It is clarified that the ICMA Pakistan shall not be liable
to attend or receive any comments, observations or critiques related to the suggested answers.
 SUGGESTED SOLUTIONS/ ANSWERS – FALL 2015 EXAMINATIONS 8 of 8
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(iv) Assume Mr. Kamran has Withdrawn from Election One Day before the Meeting: 04
Draft Proceedings/ Resolution (Only Relevant to the Election) to be Passed:
In pursuant to Section 178 (3) of the Companies Ordinance, 1984, the following persons
have filed with the company notices of their intention to offer themselves for Election of
Directors:
1. Mr. Arif
2. Mr. Badar
3. Mr. Saleem
4. Mr. Dawood
5. Mr. Ejaz
6. Mr. Fawwad
7. Mr. Ghazi
8. Mr. Hamid
9. Mr. Jawad
10. Mr. Kamran
However, Mr. Kamran has withdrawn from election one day before the meeting, resultantly
the number of persons who have offered themselves to be elected is not more than the
number of directors fixed by the Board under Section 178 (1) of the Companies Ordinance,
1984, therefore, the above mentioned persons, except Mr. Kamran, were deemed to be
elected by passing the following resolution.
Resolution:
“Resolved that following members are hereby deemed to be elected as director of the
company for the period of three years commencing from April 1,2016:
1. Mr. Arif
2. Mr. Badar
3. Mr. Saleem
4. Mr. Dawood
5. Mr. Ejaz
6. Mr. Fawwad
7. Mr. Ghazi
8. Mr. Hamid
9. Mr. Jawad

(d) Qualification of Company Secretary: 03

No person shall be appointed as a the Company Secretary of a listed company unless he/ she
is:
 a member of a recognized body of professional accountants or
 a member of a recognized body of Corporate/ Chartered Secretaries; or
 a person holding Masters degree in Business Administration or Commerce or being a Law
Graduate form a University recognized by Higher Education Commission and Having at
least five years relevant experience.

THE END

DISCLAIMER: These suggested answers including write-ups, tables, charts, diagrams, graphs, figures etc., are uploaded for the use of ICMA Pakistan members, students and faculty members only. No part of it can be reproduced,
stored in a retrieval system or transmitted in any physical/ or electronic form or by any other means including electronic, mechanical, photocopying, recording or otherwise without prior written permission of the ICMA Pakistan. The
suggested answers provided on and made available through the ICMA Pakistan’s website may only be referred, relied upon or treated as general guidelines and NOT a substitute for professional advice. The ICMA Pakistan has
provided suggested answers on the basis of certain assumptions for general guidance of the students and there may be other possible answ ers/ solutions based on different assumptions and understanding. The ICMA Pakistan and its
Council Members, Examiners or Employees shall not be liable in respect of any damages, losses, claims and expenses arising out of using contents of these suggested answers. It is clarified that the ICMA Pakistan shall not be liable
to attend or receive any comments, observations or critiques related to the suggested answers.