Welcome to the
Qureshi & Jasra books
AUTHORS:
(Abdul Rehman Qureshi)
Advocate High Court
&
(Mohammed Hayat Jasra)
Advocate High Court LLB (Hons), FCMA)
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Qureshi & Jasra Book
&
The Company Act 2017 Regulations

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Qureshi & Jasra on Company Law

Rs3500

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Book Overview
Description Of Books

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The Company Act 2017 Regulations

Rs2500

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Book Overview
Description Of Books

Authors Of Book

Mr. Abdul Rehman Qureshi, Advocate High Court

Mr. Qureshi is a Law graduate from the Punjab University, Lahore. He is a veteran in the field of corporate laws and related matters. He has over the years, served in various capacities with the erstwhile Corporate Law Authority (CLA) and the Securities and Exchange Commission of Pakistan (SECP). He has been member of various Committees and Commissions constituted to review and revamp Company Law, Securities Law, Insurance Law and Banking Laws. He has been on the faculty of the International Islamic University, Islamabad, teaching Company Law and comparative Securities Laws. He has been associated to prepare the final draft of the Companies Act, 2017. He has attended several international courses, seminars, training programs and workshops on various subjects related to corporate laws and corporate governance particularly in countries like Australia, Japan, lndia, USA and U.K.

Other Engagements:

  • Advocate, High Court
  • Member, Audit Over Sight Board.
  • Independent Director on the Board of five listed companies.
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Mohammed Hayat Jasra, FCMA LLB (HONs)

Mr. Jasra is a professional accountant, chartered secretary, lawyer, and an economist, with following experience at his credit.

Qualifications:

  • Cost and Management Accountant, being fellow member of the Institute of Cost and Management Accountants of Pakistan (ICMAP).
  • Chartered Secretary: was awarded membership of the Institute of Chartered Secretaries and Administrators, England (ICSA), after he successfully passed all stages of the examination of the Institute as back as in 1979.
  • LLB (Hon) from International Islamic University, Islamabad.
  • MA (Eco) from Punjab University, Lahore.

Professional Experience:

  • Registrar of Companies, Pakistan for ten years from 1990 to 1999.
  • Executive Director (Law) AND Secretary to Securities and Exchange Commission of Pakistan (SECP) for seven years from 2000 to 2006.
  • Secretary to the Competition Commission of Pakistan (CCP) for five years from 2007 to 2011 and Legal Advisor for two years from 2015 to 2016.
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AN OVERVIEW OF COMPANY LAW WITH HISTORICAL PERSPECTIVE

Prior to independence, the Indian Companies Act, 1913 was the law during the British Rule, in the sub-continent to promote and regulate the companies. The said Act as enacted in India, was mainly based on the English Companies (Consolidation) Act, 1908. The Companies Act, 1913 after deletion of word, “Indian” from its nomenclature was adapted in Pakistan, pursuant to section 18 of Indian Independence, Act, 1947, like many other laws legislated during British Rule, subject to certain necessary amendments. The subject of “company Law Administration” was initially with the Ministry of Commerce and afterwards, it was transferred to the Ministry of Finance (Finance Division) in 1973. Subsequently, the administration of that Law was assigned to the Securities and Exchange Authority of Pakistan (SEAP) in February 1974 which had been set up in November 1970 as an attached department of the Finance Division. On March 10, 1981, a new Authority under the name of Corporate Law Authority (CLA) was established to succeed the SEAP. Subsequently, pursuant to the provisions of Section 11 of the Companies Ordinance, 1984, CLA was conferred a statutory status on December 31, 1984, to administer the following laws in the area of corporate regulation and related fields:-

“The Companies Act, 1913, the Securities and Exchange Ordinance, 1969, the Monopoly and Restrictive Trade Practices (Control and Prevention) Ordinance, 1970, the Companies (appointment of Legal Advisers) Act, 1974, the Modaraba Companies and Modarabas (Floatation and Control) Ordinance, 1980 and administration of the Capital Issues (Continuance and Control) Act, 1947, as transferred from Finance Division to the CLA on December 14, 1989”.In 1959, a Company Law Commission headed by Mr. Sharifuddin Pirzada, Senior Advocate was formed by the Government to review the Companies Act, 1913, and to make recommendations for improvement of the Company Law, keeping in view the developments in corporate sector and economy of Pakistan, since independence. The Commission Report published its report in 1962.
The Government made a policy decision to legislate a new Company Law based on the ”Pirzada Report”. A Working Group headed by a senior chartered accountant, Mr. Irtiza Husain was formed to draft a new company law in the light of the policy decision and the guidelines given. Based on the ‘Draft’ submitted by the Working Group as finalized after taking into account the suggestions and comments received from the experts in corporate laws, professional bodies and business community. The Company Law in the form of the Companies Ordinance, 1984 was promulgated on October 8, 1984, which replaced the Companies Act, 1913.
In order to encourage the growth of industrialization and to promote corporatization, the Companies Ordinance, 1984 was amended from time to time. In February, 1997, a Commission on Corporate Laws, headed by Mr. Justice (Retd.) Shafi ur Rehman was constituted to inter alia review the Companies Ordinance, 1984. On its recommendations, some important amendments were introduced through the Companies (Amendment) Act, 1999 and the Companies (amendment) Ordinance, 2002. Apart from it, certain amendments were made in the company law through the Finance Act, 1995 and Finance Act, 1999. On October 1, 1997, the federal cabinet, on the recommendations of Asian Development Bank (ADB), decided to restructure the CLA, transforming it into the Securities and Exchange Commission of Pakistan (SECP) as an autonomous regulatory body, independent in financial, administrative and operational matters.
A heavy weight Commission known as “Corporate Laws Review Commission“ (the CLRC), headed by Chief Justice of Pakistan (Retd.) Mr. Ajmal Mian and comprising, inter alia, eminent members of legal and businessmen community, was constituted in November, 2005 to carry out a holistic examination of the Companies Ordinance 1984, and ultimately to redraft a new Company Law. The CLRC after holding a series of meetings and seminars, could prepare a ‘Concept Paper’ only but due to multiple reasons, no progress was made to redraft the new law as was its prime objective.
Looking at the performance of different ‘Commissions’ established in the past for the purpose, the SECP decided to get the work done through an ‘Inhouse Committee’. The Chairman, SECP constituted a Committee headed by former Commissioner and Advisor to SECP, Mr. Abdul Rehman Qureshi and comprising two senior officers having vast experience in the application of company law. The Committee, by working under close supervision of the Chairman, completed the task within the given time. The SECP swiftly started the subsequent action with regard to seeking comments on the first draft etc. and succeeded in finalizing the text of new law within one year, which was ultimately legislated by the Parliament and got Constitutional assent of the President on 30-5-2017. Thus the Company Law of Pakistan is now the Companies Act, 2017.

LETTER TO COMPANIES (BOOK)

The purpose of this letter is to introduce a set of two publications, comprising (i) “Qureshi & Jasra on COMPANY LAW” and (ii) “COMPILATION OF REGULATIONS”. The first one is our main work which covers whole the text of the Companies Act, 2017 (the Act) and is supplemented by explanatory notes and the comments highlighting gray areas of the Act. General notes, like basic features of the companies, powers and responsibilities of the owners, directors and auditors, detailed procedures of meetings, election of directors, accounting system of companies; Procedure for winding up of companies etc. have been provided for facilitation. It also provides for certain other important matters i.e. An overview of Company Law with its historical perspective; Anomalies in the Act identified; and Highlights of the Act (main changes introduced through the Act). There are many special features of this book, but their identification at this stage is outside the scope of this communication.
2. The other publication is “Compilation of Regulations”. All the regulations framed under relevant sections and notified by the SECP upto 1.2.2021 have been compiled and arranged section-wise, which is atmost requirement of the users. Section 512 of the Act gives a free hand to the SECP to make any regulations as may be necessary to carry out the purposes of this Act, It means that compliance of the regulations is as mandatory as is of the Act itself.
3. We believe that this set of publications i.e. (i) Qureshi & Jasra on Company Law; and (ii) Compilation of Regulations notified under the Act shall prove to be the need of all the companies collectively and their Chief Executives, CFOs, Executive Directors, Company Secretaries, and other officers, individually.

Your truly

AUTHORS:

(Abdul Rehman Qureshi) (Mohammed Hayat Jasra)
Advocate High Court LLB (Hons), FCMA)