Limitation Period
Time durations of different actions required under Company Law
Prepared by: Asad Ullah Javied (Advocate)
Chapter 20
No.
1
Description
Reservation of Company’s Name
Time limitation
60 days
2
Appeal against registrar’s refusal of
application for reservation of name
Rectification of company name on
direction of registrar
Duration for which company must
mention former name with its new
name
Notice for passing special resolution in
general meeting
Intimation about shifting of registered
office
Intimation about change in principal
line of business clause
30 days
SECP forward its order confirming
alteration in memorandum to company
and registrar
Certified copy of alteration and altered
memorandum required to be filed with
registrar
Appeal against registrar refusal to
register memorandum
Copy of memorandum and articles to
the members
Filing of the altered articles of
association
7 days
3
4
5
6
7
8
9
10
11
12
13
30 days
90 days
Starting from
Confirmation of availability of
name
The date of order of refusal
The date of receipt
registrar’s direction
The date of issuance
certificate of new name
of
of
21 days
Prior to the general meeting.
15 days
When the company actually
shifts its registered office
The
date
when
special
resolution for change was
passed
The date of confirmation oders
30 days
30 days
The date of order
registration by SECP
30 days
The date of order of refusal by
registrar
The date of request by the
member
The date of passing of the
special resolution by the
company
The date of incorporation
14 days
30 days
Company shall notify the address of 30 days
registered office to the registrar
for
Chapter 21
Page 1 of 5
No.
Description
1
Alteration of capital clause in the 15
memorandum must be filed with
registrar
Application challenging the variation in 30 days
class rights
Decision of the court regarding 15 days
variation of class rights
2
3
Time limitation
Starting from
The date of passing of the
special resolution
The date of passing of the
resolution
The receipt of the court order
Chapter 22
1
2
3
4
Validity of prospectus approved by
Commission
Validity of shelf-prospectus
The company must submit a copy of
prospectus for approval
Publication of prospectus in newspaper
60 days
The date of approval
< 60 days
> 21 days
The date of approval
The
proposed
date
of
publication of prospectus
The commencement of the
public subscription
>7 days & <30 days
Chapter 23
1
2
Registration of mortgage or charge
30 days
Registration of mortgage or charge on 30 days
the property outside Pakistan
3
Satisfaction of mortgage or charge
4
Registrar may verify from interested 14 days
person about satisfaction of mortgage
or charge
30 days
The date of creation
When the documents of
mortgage or charge should
reach Pakistan
The date of satisfaction of
mortgage or charge
The date notice is sent to the
interested person
Chapter 24
1
2
3
4
5
6
Statutory meeting
180 days
9 months
Notice of statutory meeting sent along 21 days
with statutory report
1st Annual General Meeting (AGM)
Within 16 month
Subsequent AGM
Once in calendar
year
Holding Subsequent AGM
Within 120 days
Maximum extension of time by 30 days
Commission or Registrar
The date at which the company
is entitled to commence
business
The date of incorporation
Before the proposed date of
statutory meeting
The date of its incorporation
Last AGM
Closure of financial year
The last due date of holding
AGM
Page 2 of 5
No.
7
Time limitation
21 days
10
Description
Notice to the members for holding a
meeting
Request of public company members
for attending AGM through video link
Directors on requisition of members
required
to
act
for
holding
Extraordinary General Meeting (EGM)
EGM must be held and conducted
11
Notice to members for holding EGM
21 days
12
13
Application to declare meeting invalid
30 days
All special resolutions authenticated by 15 days
one director or secretary
Proxies filed before meeting
48 hours
8
9
14
15
16
17
Minutes of proceedings of the general
meeting must be open for inspection of
members
When members can demand copies of
the minutes of the meeting
Record of resolutions, meeting and
decisions
7 days
21 days
90 days
Starting from
Before the proposed date of
holding the meeting
Before the proposed date of
holding the meeting
The date of receiving the
written requisition
2 hours
Receiving the requisition of
members by directors
Before the proposed date of
meeting
The date of meeting
The date of passing of the
resolution
Before the proposed date of
meeting
Each day
7 days
After the meeting
20 years physically
and permanent
electronically
When the resolutions, meeting
or decisions were made
Chapter 25
1
Filing of consent for appointment or 15 days
election of directors
2
Directors shall fill casual vacancy on > 90 days
board of a listed company
Intention by any member interested to 14 days
contest the election of director
Holding the position of a director
3 years
3
4
5
6
7
Holding out of turn fresh election on 30 days
the requisition of acquirer of
substantial shareholding
Appeal to hold the election of directors 30 days
invalid
Powers of directors which can only be 1 year
exercised through passing of special
resolution
shall
lapse
if
not
implemented
The date of appointment or
election as director or chief
executive
The date casual vacancy was
created
Before the date when election
was scheduled to be contested
From the date of assuming
office after election
When board receives the
requisition
The date of election
The date of passing of special
resolution to authorize the
director
Page 3 of 5
No.
8
9
10
11
Description
Time limitation
st
After the retirement of 1 Chief 14 days
Executive appointment of subsequent
Chief Executive
Maximum duration for which Chief 3 years
Executive is appointed
Board of Directors appoint chairman of 14 days
board from non-executive directors
Chairman of the board shall hold office 3 years
Starting from
Election of directors
Office of Chief Executive if
becomes vacant
The date of his appointment
The date of election of
directors
The date of his appointment
Chapter 26
1
2
Provision of certified copies of the 7 days
registers on payment of fee fixed by
company
Payment of final dividend
Within 30 days
3
Payment of interim dividend
Within 30 days
The date request with fee paid
is made to the company
The date of annual general
meeting
Date of commencement of
book closure for the purpose
If there wasn’t any book
closure then from the date of
director’ meeting
Chapter 27
1
Books of accounts must be preserved
10 years
2
Financial statement of the company
must be presented to members in 1st
AGM
Subsequent financial statement of the
company must be presented to
members
Copies of financial statement, auditor’s
& directors report and Chairman’s
review report (usually with notice of
meeting)
Appointment of first auditor of the
company
Notice of appointment of new auditor
must be sent by members having 10 %
voting power
Casual vacancy of auditor must be filled
by directors
Within 16 months
The date when the books were
made
The date of incorporation
Within 4 months
The close of the financial year
21 days
Before the proposed date of
company’s meeting
Within 90 days
The date of incorporation of
the company
Before the proposed date of
meeting when auditor is to be
appointed.
The date when vacancy was
made.
3
4
5
6
7
7 days
Within 30 days
Page 4 of 5