Accountancy Forum
  • Home
  • Members
  • Team
  • Help
  • Search
  • Register
  • Login
  • Home
  • Members
  • Help
  • Search
Accountancy Forum The Profession Corporate Governance v
1 2 3 Next »
Tenderable gain u/s 224 (1) of CO. 1984

 
  • 0 Vote(s) - 0 Average
Tenderable gain u/s 224 (1) of CO. 1984
Star
Offline

Member

Posts: 181
Threads: 44
Joined: Feb 2009
Reputation: 0
#1
05-04-2010, 05:23 PM
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
Offline

Posting Freak

Posts: 1,706
Threads: 25
Joined: Mar 2010
Reputation: 0
#2
05-04-2010, 07:56 PM
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
Offline

Member

Posts: 181
Threads: 44
Joined: Feb 2009
Reputation: 0
#3
05-04-2010, 08:35 PM
Please read section 222 to 224 again.
ciapk
Offline

Posting Freak

Posts: 1,706
Threads: 25
Joined: Mar 2010
Reputation: 0
#4
05-04-2010, 08:43 PM
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
Offline

Member

Posts: 181
Threads: 44
Joined: Feb 2009
Reputation: 0
#5
05-04-2010, 09:56 PM
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
Offline

Posting Freak

Posts: 1,706
Threads: 25
Joined: Mar 2010
Reputation: 0
#6
05-04-2010, 10:00 PM
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
Offline

Member

Posts: 181
Threads: 44
Joined: Feb 2009
Reputation: 0
#7
05-04-2010, 10:28 PM
The word Person means natural and judiicial persons in the law unless contrary mentioned.

Regards,

*
Star
Offline

Member

Posts: 181
Threads: 44
Joined: Feb 2009
Reputation: 0
#8
05-04-2010, 10:33 PM
Please read page 12 of the following SECP order

http//www.secp.gov.pk/orders/pdf/orders_10/Hashoo_Order.pdf
ciapk
Offline

Posting Freak

Posts: 1,706
Threads: 25
Joined: Mar 2010
Reputation: 0
#9
05-04-2010, 11:16 PM
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
Offline

Member

Posts: 181
Threads: 44
Joined: Feb 2009
Reputation: 0
#10
05-04-2010, 11:47 PM
our company is ensuring this compliance.

Regards,

*
ciapk
Offline

Posting Freak

Posts: 1,706
Threads: 25
Joined: Mar 2010
Reputation: 0
#11
05-04-2010, 11:51 PM
Do u have any idea about others?
Star
Offline

Member

Posts: 181
Threads: 44
Joined: Feb 2009
Reputation: 0
#12
05-05-2010, 02:36 PM
No idea of others.

My orginal question still is unanswered.
« Next Oldest | Next Newest »

Users browsing this thread: 1 Guest(s)



  • View a Printable Version
  • Subscribe to this thread
Forum Jump:

Copyright 2002-2021 Accountancy. All rights reserved.

Linear Mode
Threaded Mode