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+--- Thread: Tenderable gain u/s 224 (1) of CO. 1984 (/thread-tenderable-gain-u-s-224-1-of-co-1984)
Tenderable gain u/s 224 (1) of CO. 1984 - Star - 05-04-2010
A company made following transactions of trading;
01 01 2009 Purchase 10,000,000 shares @ Rs. 100/share (13%)
08 09 2009 Sale 8,000,000 shares @ Rs. 150/share
09 09 2009 Purchase 8,000,000 shares @ Rs. 151/share
My questions are;
whether there is any tenderable gain in the above trasactions?
What is the amount of tenderable gain (if any)?
References; Section 224 of CO
Rule 16 of Companies Rules 1985
Regards,
*
- ciapk - 05-04-2010
Dear,
Seems an intensional mistake in question. Its beneficial owners, and directors etc. who are required to tender the gain. not the Company.
Regards,
- Star - 05-04-2010
Please read section 222 to 224 again.
- ciapk - 05-04-2010
Plz Elaborate, if a company held more than 10% in any Co, and classified investment as held for sale y it will tender the gain?
- Star - 05-04-2010
Where any director, chief executive, managing agent, chief accountant, secretary or
auditor of a listed company or <b><u>any person</u></b> who is directly or indirectly the beneficial owner of more than ten per cent of its listed equity securities makes any gain by the
purchase and sale, or the sale and purchase, of any such security within a period of less than six months, such director, chief executive, managing agent, chief accountant, secretary or auditor or person who is beneficial owner shall make a report and tender the amount of such gain to the company and simultaneously send an intimation to this effect
to the registrar and the Commission
Person as highlighted above also includes a company as defined in SEC ordinance 1969.
Regards,
*
- ciapk - 05-04-2010
yes i guessed your meaning thats y i asked that if a company is making investment in other companies shares for profit taking, y it will tender the gain?. I think here the word person mean individual a natural person not a judicial person.
- Star - 05-04-2010
The word Person means natural and judiicial persons in the law unless contrary mentioned.
Regards,
*
- Star - 05-04-2010
Please read page 12 of the following SECP order
http//www.secp.gov.pk/orders/pdf/orders_10/Hashoo_Order.pdf
- ciapk - 05-04-2010
Unbelievably informative, in view of the said order i dont think companies are taking care of this issue?. Concurred with opinion of SECP in said order. Thanx
- Star - 05-04-2010
our company is ensuring this compliance.
Regards,
*
- ciapk - 05-04-2010
Do u have any idea about others?
- Star - 05-05-2010
No idea of others.
My orginal question still is unanswered.