Particular
Days
According to section 137 of the companies Act, 2017, the proxies
must be lodged with the company not later than _____ before the
time for holding a meeting.
48 Hours
According to regulation 4 of the Listed Companies (Buy back of
shares) Regulations, 2019, the
purchasing company shall make a public announcement within
_____ working days, of passing of special
resolution with respect to buy back of its shares.
In accordance with the regulation 11 of the companies
(incorporation) regulations 2017, in case any discrepancies and
deficiencies are observed in the documents submitted for
registration of a company, the applicant shall remove the
discrepancies and provide requisite information within _____ days
of written communication from the registrar.
A poll demanded on the election of a
chairman or on a question of
adjournment shall be taken forthwith.
A poll demanded on any other question
shall be taken at such time, not more than
14 days from the day on which it is
demanded, as the chairman of the meeting
may direct.
2 days
7 days
As per section 152 of the companies Act 2017, any member shall
at any time after seven days from the meetings be furnished within
_____ after he has made a request in the behalf to the company,
with a certified copy of the minutes of any general meeting.
7 days
As per section 76 of the companies Act 2017, in case of a private
company, on receipt of a notice from a member of desirous of
selling any shares held by him, the board shall, with in a period of
_____ offer those shares for sale to the members in proportion to
their existing shareholders.
10 days
According to Regulation 10 of the Listed Companies (Buy back of
shares) Regulations, 2019, where the purchase is made for the
purpose of cancellation, the purchasing company shall cancel the
shares within _____ of the closing of the purchase period.
10 days
According to section 145 of the Companies Act 2017, a poll
demanded on any question other than the election of a chairman or
on a question of adjournment, shall be taken at any time not more
than _____ from the day on which it is demanded.
14 days
As per section 39 of the Companies Act 2017, each company shall
send to every member, at his request and within _____ thereof, a
copy of the memorandum and the articles.
14 days
Appointment of subsequent chief executive shall be made within
_____ from the date of election of directors under section 159 or
the office of the chief executive falling vacant, as the case may be
14 days
According to section 145 of the Companies Act, 2017, a poll
demanded on any question other than the election of a chairman or
on a question of adjournment, shall be taken at any time not more
than _____ from the day on which it is deemed.
14 days
Notice of any change in situation of the registered office of a
company shall be given to the registrar within a period of _____
after the date of change.
15 days
Under section 13 of the Modaraba companies and Modaraba
(Floatation and control) Ordinance 1980, if the minimum amount
stated in the prospectus to be the amount which must be raised,
has not been received by the date specified in the prospectus, all
moneys received from the applicants sal be refunded to them
of the said date within:
15 days
As per section 75 of the Companies Act , 2017, in case Board
refuses transfer of any shares or securities due to any defect in or
invalidity of the transfer deed, the company shall within _____ or
where the transferee is a central depository, within _____ from the
date on which the instrument of transfer was lodged with it, notify
the defect or invalidity to the transferee.
15 days , 5 days
As per section 73 of the companies Act 2017, if a company for any
reasonable cause is unable to issue duplicate certificate, it shall
notify the fact, along with the reasons within _____ from the date of
application, to the applicant
20 days
Under section 132(3) of the companies Act 2017, the notice of an
annual general meeting shall be sent to the members and every
other entitled persons at least _____ days before the date fixed for
the meeting.
21 days
“Special Resolution” requires a notice of not less than _____
specifying the intention to propose the resolution as a special
resolution.
21 daya
As per section 26 of the companies Act, 2017, any change in the
principle line of business shall be reported to the register within
_____ from the date of change.
30 days
In how many days a company is required to issue certificates of
shares or other securities after the allotment of any of its shares or
other securities?
30 days
In the case of a listed company, the Commission, and in any other
case, the registrar, may for any special reason extend the time
within which any annual general meeting, shall be held by a period
not exceeding:
30 days
As per section 16 of the Companies Act 2017, if registration of the
memorandum is refused by the registrar, the subscribers of the
memorandum or any one of them authorized by them in writing
may, of the order of refusal, prefer an appeal to the commission
30 days
In how many days, a company is required to issue certificates of
shares or other securities, after the allotment of any of its shares or
other securities.
30 days
As per section 59 of the Companies Act, 2017, not less than ten
percent of the class of shareholders who are aggrieved by the
variation of their rights may apply to the Court for an order
cancelling the resolution within _____ of the date of the resolution
varying their rights.
30 days
In accordance with section 136 of the companies Act, 2017, the
Court may, on a petition, by members, declare proceedings or part
thereof invalid and direct holding of a fresh general meeting
provided that the petition shall be made within _____ of the
impugned meeting.
30 days
As per regulation 18 of the companies (Further issue of shares)
Regulations, 2020, a company within _____ from the date of issue
of shares shall submit a report to the commission clearly indicating
the shares issued to or taken up by certain persons.
30 days
Under section 12 of the Listed companies (Code of Corporate
Governance) Regulations, 2019, where the company secretary
fails to append the dissenting note to the minutes of meeting of the
board, the director may file an obligation with the commission in the
form of a statement to that effect within, _____ of the date of
confirmation of the minutes of the meeting.
30 days
A company shall have a registered office to which all
communications and notices shall be addressed. A company shall
notify to the registrar about it within _____ of its incorporation.
30 days
In accordance with section 71 of the companies Act 2017, if a
company fails to issue certificates of the shares or other securities
within _____ of days after the allotment of any of its shares or other
securities, it shall be an offence liable to a penalty of _____ on the
standard scale.
30 days , Level 1
Under Regulation 4 of the Listed Companies (Buy Back of shares)
Regulations, 2019, the general meeting in which the special
resolution is to be passed shall be held not later than _____ of the
date of the meeting of the board of directors in which the purchase
is recommended.
45 days
In accordance with section 70, of the companies Act, 2017
whenever a company having a share capital makes any allotment
of its shares, the company shall, within _____ days, thereafter file
with registrar, a return of the allotment of shares.
45 days
As per section 19 of the Securities Act, 2015, the Commission or a
securities exchange may suspend the trading of any listed
securities for a period not exceeding _____.
60 days
The first auditor or auditors of a company shall be appointed by the
board within _____ days of the date of incorporation of the
company.
90 days
Where a company changes its name it shall, for the period of
_____ days from the date of issue of a certificate by the registrar,
continue to mention its former name along with its new name on
the outside of every office or place in which its business is carried
on and in every document.
90 days
As per section 133 of the companies Act, 2017, extra-ordinary
general meeting shall be held within _____ from the date of the
deposit of the requisition made by the members.
90 days
In pursuant to section 308 of the Companies Act, 2017, the court
shall make an order on receipt of a petition for winding up under
section 304 of the Act within _____ days from the date of
presentation of the petition.
90 days
Where any record has been seized under section 14 or 15 of the
Anti-money laundering Act, 2010, the investigating officer may
retain such records for a period not exceeding _____ days from the
time the record was seized.
90 days
As per section 73 of the companies Act 2017, if a company with
intend to defraud, issues a duplicate certificate of shares, or other
securities, every officer of the company who is in default shall be
punishable with imprisonment for a term which may extend _____
or with fine which may extend to fifty thousand rupees, or with both.
108 days
As per section 132 of the companies Act, 2017, every company,
shall hold, an annual general meeting once in every calendar year
within a period of _____ following the close of its financial year.
120 days / 4 Months
Under section 13 of listed companies (Buy back of shares)
regulations, 2019, the treasury shares shall not be sold, transferred
or otherwise disposed off by the purchasing company within a
period of _____ from the closure of purchase period
180 days / 6 Months
A deposit taking NBFCs shall be required
to maintain CAR of 8% for the First two
years from coming into force of these
regulations and CAR 10% for subsequent
year as per the criteria given in schedule.
As per Regulation 7 of the Listed Companies (Buy-back of shares)
Resolutions, 2019, the purchase period for purchase through
securities shall close within _____ from the date of special
resolution wherein members have given approval of the purchase
or till such date that the purchase is completed, whenever is
earlier.
180 days / 6 Months
The modaraba company shall prepare and circulate annual
accounts, reports etc. to the holders of modaraba certificates within
_____ from the close of the accounting year of the modaraba.
180 days / 6 Months
No company shall appoint or engage any person for Shariah
compliance, Shariah advisory, or Shariah audit unless that person
meets the fit and proper criteria and fulfills such terms and
conditions as may be specified. If a person has already been
appointed in above positions he will have to meet the fit and proper
criteria and fulfill such terms and conditions as may be specified in
_____
180 days / 6 Months
Every public company having a share capital shall, within a period
of _____ days from the date at which the company is entitled to
commence business or within nine months from the days of its
incorporation which ever is earlier, hold a general meeting of the
members of the company to be called the statutory meeting
180 days / 6 Months
Every public company having a share capital shall, within a period
of _____ days from the date at which the company is entitled to
commence business or within nine months from the days of its
incorporation which ever is earlier, hold a general meeting of the
members of the company to be called the statutory meeting.
180 days / 6 Months
In accordance with Regulation 11 of the Listed Companies (Buy
Back of shares) Regulations 2019, the purchasing company shall
not make a purchase before the expiry of _____ from the last date
of subscription by shareholders in respect of any further issue of
capital.
180 days / 6 Months
Section 131 of the companies Act, 2017, regarding statutory
meeting of a company, shall not apply to a public company which
converts itself from a private company after _____ of incorporation.
12 Months / 1 Year
As per section 317 of the companies Act, 2017, in addition to a
fixed remuneration, the court may permit
a monthly allowance to the official liquidator for meeting the
expenses of the winding up for a period not exceeding _____
months from the date of the winding up order
12 Months / 1 Year
As per section 155 of the Companies Act, 2017, a person holding
the position of director in more than seven companies on the
commencement of this Act shall ensure the compliance of this
section within _____ of such commencement.
12 Months / 1 year
s per Regulation 17A of non banking finance companies and
notified entities regulations 2008, a deposit taking NBFC shall be
required to maintain capital adequacy ratio (CAR) of eight percent
for the _____from coming into force of these regulations.
First two years
As per section 11 of the Public Offering Regulations, 2017, for the
purpose of allocation of shares to retail investors, the issuer itself
or its consultant to the issue, shall publish supplement to the
prospectus within working days of the closing of the Bidding period.
3 Years
Under section 3, of the Listed Companies (Buy back of shares)
Regulations, 2019, a company shall be eligible to purchase its own
shares it is listed on the securities exchange for a period of not less
than _____ years.
3 years
If the shares issued by a company remain unclaimed for a period of
_____ from the date it is due the company shall give ninety days
notices to the shareholders to file a claim.
3 years
(i) It is mandatory that all listed companies
in the financial sector shall change their
external auditors every five years
(ii) it is mandatory that all listed companies
other than those in the financial sector
shall, at the minimum, rotate the
engagement partner after every five years:
Provided that in case the audit firm
is a sole proprietorship then after
completion of five years such audit firm
shall be changed.
As per section 33 of the listed companies (code of corporate
governance) regulations 2019, all listed companies other than
those in the financial sector shall change audit firm every _____
years if audit firm is sole proprietorship.
Five years
In the light of section 33 of the Listed companies (code of corporate
governance) regulations 2019, it is mandatory that
all listed
companies other than those in the financial sector shall, at the
minimum, rotate the engagement partner after every ____
Five years
A newly appointed director on the Board
may acquire, the directors
training program certification within a
period of one year from the
date of appointment as a director on the
Board:
o Director having a minimum of 14 years
of education and 15 years of
experience on the Board of a listed
company, local and/or foreign, shall
be exempt from the directors training
program.
As per section 19 of the Listed Companies (Code of Corporate
Governance) Regulations, 2019, a director having a minimum of 14
years of education and _____ of experience on the Board of a
listed company, local and/or foreign, shall be exempt from the
directors training program
15 years
In accordance with section 19 of the Listed Companies (Code of
Corporate Governance) Regulations, 2019, a newly appointed
director on the Board may require, the directors training program
certification within a period of _____ from the date of appointment
as a director on the Board.
1 year
Particular
Penalties
In pursuant to section 175 of the companies Act, 2017, if a person
who is not qualified to be a director,describes or represents himself
or acts as a director or allows or causes himself to be described as
such, shall be liable to a penalty of _____ on the standard scale.
Level 1
Under section 9 of the Companies Act, 2017, there are certain
associations, partnerships that are required to be registered as
companies under this Act. A person guilty of an offence under this
section shall be liable to a penalty not exceeding of _____ on the
standard scale and also be personally liable for all the liabilities for
all the liabilities incurred in such business.
Level 1
As per section 70 of the companies Act 2017, whenever a
company having share capital makes any allotment
of bonus shares, it shall file with the registrar a return with certain
information and documents. Any violation of this
section shall be an offence liable to a penalty of _____ on the
standard scale
Level 1
Section 57 of the companies Act, 2017 states that:
“No prospectus shall be issued by or on behalf of a company
unless on or before the data of its publication, a copy thereof
signed by every person who is named therein as a director or
proposed director of the company has been filed with the registrar”.
In case of any contravention of this section, the company and any
person who is a party to the issue, publication or circulation of the
prospectus shall be liable to the penalty not exceeding on the
standard scale.
Level 2
As per section 135 of the Companies Act, 2017, regarding quorum
of general meeting, any contravention or default in complying with
requirement of this section shall be an offence liable in case of a
listed company to a penalty of _____ on standard scale.
Level 2
As per section 44 of the Companies Act, 2017, where an
association with charitable and not for profit objects was permitted
by the Commission to be registered as a public limited company,
makes default in complying with the rules or regulations or the
terms or conditions to which the license is subject, it shall without
prejudice to any other action be punishable by a penalty not
exceeding of on the standard scale.
Level 2
Particular
Others
According to section 9 of the Non-Banking Finance Companies and
Notified Entities Regulations, 2008, NBFC’s shall not make
payments or receive amounts in cash exceeding _____ to prevent
their involvement in illegal trades
Rs. 50,000
According to non banking finance companies and notified entities
regulations 2008, “poor person” means an individual who has
meager means of subsistence and whose total business income
excluding expenses during a year is less than or equal to _____
Rs. 600,000.
The contravention of any regulation of the companies (Further
issue of shares) Regulations, 2020, shall be punishable with a
penalty which may extend to rupees _____.
5 million
Where a dividend has been declared by a company but is not paid
within the period specified under section 242 of the companies Act,
2017, the chief executive of the company shall be punishable with
imprisonment for a term which may extend to two years and with
fine which may extend to _____
5 million
Every officer of a company shall endeavor to prevent the
commission of any fraud, offences of money laundering with
respect to affairs of the company and shall take adequate
measures for this purpose. If a person fails to comply with it, he
shall be liable with fine which may extend to ______
Rs. 100 million
Under section 177 of the Companies Act, 2017, if any person being
undischarged insolvent acts as a chief executive or director of a
company, he shall be liable to imprisonment for a term not
exceeding _____ or to a fine not exceeding _____ rupees, or to
both.
Two Years,
One
Hundred Thousand
Under section 84 of the companies Act, 2017, where a company
accepts or invites, or allows or causes any other person to accept
or invite on its behalf, any deposit, every officer of the company
which is in default shall be punishable with imprisonment for a term
which may extend to _____ and shall also be liable to fine which
may extend to _____ .
Two Years,
Five
Million rupees.
Under section 14 of the Modaraba companies and modaraba
(floatation and control) ordinance 1980, how many copies of the
annual accounts, reports, etc. shall be sent to the registrar?
Five Copies
In accordance with the Companies (Further Issue of Shares)
Regulations, 2020, the decision of board of listed company for
issue of shares other than right to increase its capital shall be
communicated to the commission and securities exchange _____
of the decision.
On the same day
As per section 152 of the companies Act 2017, the books
containing the minutes of proceedings of the general meeting shall
be open to inspection by members and not less than _____ in each
day are allowed for inspection
2 Hours
Under section 176 of the companies Act 2017, the Board of a
public limited company shall meet at least:
Ordinary resolution:
Means a resolution passed by a simple
majority (for example more than 50%
of the vote) of members of the company
entitled to vote.
Special
resolution:
Means a resolution which has been passed
by a majority of not less than
three-fourths (at least 75% of the vote) of
such members of the company entitled to
vote
Once in each Quarter of
a Year
In accordance with Regulation 10 of the companies (Further Issue
of Shares) Regulations, 2020, after issue of right shares, the listed
entity shall submit to the commission progress report on utilization
of the proceeds of the right issue on _____ basis.
Quarterly
As per the Listed Companies (Code of Corporate Governance)
Regulations, 2019, it is mandatory that no person shall be elected
or nominated or hold office as a director of a listed company
including as an alternate director of more than _____ listed
companies simultaneously.
7 listed companies
As per section 301 of the Companies Act, 2017, a company may
be wound up by Court if the company has made a default in filing
with the registrar its financial statements or annual returns for
immediately preceding _____ consecutive financial years.
Two
Under section 133 of the Companies Act, 2017, the board shall, at
the requisition made by the members in case of a company having
share capital, representing not less than _____ of the total voting
power as on the date of deposit of requisition forthwith proceed to
call an extraordinary general meeting.
1/10
As per the Listed Companies (Code of Corporate Governance)
Regulations 2019, it is mandatory that each listed company shall
have at least two or _____ of the Board, whichever is higher as
independent directors .
1/3 Members
According to section 282L of the companies ordinance 1984,
NBFCs may be amalgamated with each other provided that it is
approved by a resolution passed by a _____ majority in value of
the shareholders of each of the said NBFCs.
2/3
Ordinary resolution means a resolution passed by a_____majority
of such members of the company entitled to vote as are present in
person or by proxy or exercise the option to vote through postal
ballot, as
provided in the articles or as may be specified, at a general
meeting
Simple majority
Special resolution is passed by a majority of not less than _____ of
such members of the company entitled to vote as are present in
person or by proxy or vote through postal ballot at a general
meeting
3/4 members
The board by resolution passed by not less than _____ of the total
number of directors for the time being may remove a chief
executive before the expiration of his term of office.
3/4 Directors
Aggregate liabilities, excluding contingent
liabilities and security deposits, of a nondeposit taking NBFC shall not exceed 10
times of its equity.
Contingent Liabilities of an NBFC shall
not exceed the limits prescribed below:
Credit Rating:
Max Limit:
AA- and
above 2 times of equity A- to A+
1.5 times of equity BBB+
0.5
times of equity
(i) by June 30, 2020
at least Half of Directors
(ii) by June 30, 2021
at least 75% of Directors
(iii) by June 30, 2022
Full Directors
Companies
are also encouraged to arrange
training for:
(i) at least one female executive every
year under the Director's Training
program from year July 2020; and
(ii) at least one head of department
every year under the Director's
Training program from July 2022.
Under section 15B of Non-Banking Finance Companies and
Notified Entities Regulations, 2008, aggregate liabilities, excluding
contingent liabilities and security deposits, of a non-deposit taking
NBFC shall not exceed _____ of its equity.
10 times of its equity
Under section 9(1) of the Companies Act, 2017, no association,
partnership or entity consisting of one more than _____ persons
shall be formed for the purpose of carrying on any business that
has for its object the acquisition of gain unless it is registered as a
company under the Act.
20 Persons
Under section 120 of the companies Act 2017, every company
having more than _____ members shall keep an index of the
names of the members of the company.
50 Members
Under section 19 of the listed companies (code of corporate
governance) regulations, 2019, it is encouraged that
by
June 30, 2020 at least _____ of the directors on the Boards have
acquired the prescribed certification that meet the criteria specified
by the commission and approved by it.
Half
Under section 19 of the Listed Companies (Code of Corporate
Governance) Regulations, 2019, it is encouraged that
by
June 30, 2021 _____ of the directors on Board have acquired the
prescribed
certification under any director training program offered by an
institution that meet the criteria specified and approved by the
Commission.
At least 75%
In accordance with section 19 of the Listed Companies (Code of
corporate governance) Regulations, 2019, companies are also
encouraged to arrange training for at least one female executive
every year under
the Director’s Training Program
from year _____ .
July 2020
In accordance with the regulation 7 of the companies (further issue
of shares) regulations, 2020, a separate special resolution shall be
required for grant of option to identified employees, during any one
year, equal to or exceeding _____ of the issued capital (excluding
outstanding conversions) of the company at the time of grant of
option.
1%
According to Regulation 9 of the Listed Companies (Buy Back of
Shares) Regulations, 2019, where the purchasing company has
different classes of shares, the treasury shares for any class of
shares not exceed _____ of total issued at any time and paid up
shares of such class of shares.
10%
Under the Non-banking Finance Companies (Establishment and
Regulation) Rules, 2003, “major shareholder” means a person
who, individually or in concert with his family or as part of a group,
holds _____ percent or more shares having voting rights of the
paid-up capital of the company.
10%
As per the Non-Banking Finance Companies (Establishment and
Regulations) Rules, 2003 a “connected person” means any person
or trust beneficially owning, directly or indirectly , _____ percent or
more of capital of the NBFC or the notified entity
10%
Under section 136 of the Companies Act, 2017, the Court may, on
a petition, by members having not less than _____ of the voting
powers in the company, declare proceedings of a general meeting
or part thereof invalid.
10%
Under section 5 of the Public Offering Regulations, 2017, as
regards conditions for public offer of shares, the sponsors of the
issuer shall retain not less than _____ percent of the paid up
capital of the company for not less than _____ financial years from
the last date for the public subscription.
25% , 3 years
As per section 9 of the Public Offering Regulations, 2017, in case
of institutional investors, the book runner may accept bid
applications with in minimum _____ margin money.
25%
Total outstanding Exposure to a person:
i. The total outstanding Exposure (fund
based and non-fund based) by an NBFC to
a person shall not at any time exceed
twenty per cent (20) of the equity of an
NBFC (as disclosed in the latest financial
statements)
ii. The maximum outstanding fund based
Exposure does not exceed 15% of the
equity of an NBFC
Total outstanding Exposure to a group
of persons:
i. The total outstanding Exposure (fund
based and non-fund based) by an NBFC to
any group shall not exceed twenty five per
cent (25) of the equity of an NBFC (as
disclosed in the latest financial statements)
ii. the maximum outstanding fund-based
Exposure does not exceed twenty per cent
(20) of the equity of an NBFC
The limits prescribed above shall not be
applicable to exposure taken by an
NBFC in its own subsidiaries out of its
surplus equity
Under section 17 of the Non-banking Finance Companies and
Notified Entities Regulations, 2008, the
total outstanding exposure (fund based and non-fund based) by an
NBFC to any group shall not exceed
_____ of the equity of an NBFC.
25% of equity
An NBFC’s aggregate exposure in listed
equity securities and spread transactions
shall not exceed 50% of its equity and this
condition shall not be applicable on nondeposit taking NBFCs.
As per Regulation 17C of the Non Banking Finance Corporation
and Notified Entities Regulations, 2008, what is the maximum limit
of an NBFC’s aggregate exposure in listed equity securities and
spread
transactions?
50% of equity
As per section 82, of the companies Act 2017, approval of
commission shall not be required by a listed
company for issuing shares at a discount if the discounted price is
not less than _____ of the par value.
90%