Corporate affairs

[4thelement]

its a question from all the seniors
i want to know wat is the procedure for filing of annual tax return specially for listed companies, and in how many days of close of books of accounts AGM shud held and in how many days its notice to the members shud be issued and then wat is the procedure for filing of accounts with SECP and Stock Exchange for listed companies and pvt companies of paid up capital more than 75,000,000 and wats is the procedure for announcement of AGM at stock exchange and wat abt the board meeting held at KSE after half year review.

[kamranACA]

Dear,


If you have Income Tax Ordinance, 2001 check its section 114 to section 119 for knowing the procedure of filing income tax returns. However, from the current year these returns are required to be e-filed by all the companies.

AGMs, after 30 June 2007, have to be held within 3 months of the balance sheet date (accounting year-end). See section 158 (1) and section 233 of the Companies Ordinance, 1984.

A notice for such meeting is to be given 21 days earlier than such AGM. See section 158 (3) of the Companies Ordinance, 1984.

Accounts have to be filed with SECP offices (registrar offices) within 30 days of their approval i.e. from AGAM date. See section 242 of Comapnies Ordinance, 1984.

AGMs and BOD meetings are not required to be held at stock exchanges. Rather, these have to be convened at the twon where the registered office of the listed company is situated. For other companies there is no such compulsion. See section 158 (2) of Companies Ordinance, 1984.

Regards,


KAMRAN

[4thelement]

Wat i have heard is that agm shud held within 4 months/120 days of the close of books of accounts

i asked whether companies have to announce their date of agm at stock exchange

moreover, i want to know the meeting held at half yr review of accounts is announced at stock exchange and there notice has to be issued to members and whether members are invited there

and how many bod meetings shud held for pvt and listed companies

regards

[kamranACA]

Dear,

I said after 30 June 2007 the time period for AGM is 3 months for all companies from the date of the balance sheet. Earlier it was 4 months. And before that it was 6 months.

Yes, listed companies have to announce the date of AGM to stock exchanges. Unlisted do not have to do so.

For half yearly accounts, meeting of Audit committe and meeting of Board of Directors is required. Since no general meeting is required, no member is invited other than directors.

Half yearly accounts have to be finalized / issued within 2 months of balance sheet date (for that half year) but there is no requirement (in my knowledge) to notify schedule of such meetings in advance to stock exchanges. Code of corporate governance requires to issue accounts within 2 months.

Listed companies have to issue quarterly accounts thats why at least 4 Audit committee as well as Board meetings are required in a year. For unlisted company there is no such compulsion.

Hope now answers are as per requirements.


Regards,


KAMRAN

[4thelement]

absolutely infact better than the requirements thanx kamran bhai
u r always there for us