The Companies (Amendment) Ordinance, 2020 [“Ordinance”] was promulgated on 30 April 2020 and is applicable with immediate effect.
This publication contains an analysis of significant provisions of the Ordinance.
Broadly speaking, in our view, significant amendments in the Ordinance may be classified as under:
• Introduction of definition of “startup companies”
Amendment in definitions of:
- “financial statements” aligning other additional statements and information required by the accounting and financial reporting framework;
- “special resolution” providing a methodology for a “shorter notice” also for listed companies;
• Relaxation in depositing subscription money, which is to be notified;
• Now, public companies are required to obtain certificate of commencement of business.
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