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THE GAZETTE OF PAKISTAN
Part II
Statutory Notifications (S.R.O.)
GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
NOTIFICATION
Islamabad, the 16th November, 2000

S.R.O. 830 (I)/2000.-- In exercise of the powers conferred by section 506 of the Companies Ordinance, 1984 (XLVII of 1984), read with section 95A thereto, and clause (b) of section 43 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), the Securities and Exchange Policy Board is pleased to direct that the following amendments shall be made in the Companies (Buy-back of Shares) Rules, 1999, the same having been previously published as required by sub-section (2) of the said section 506, namely:-

In the aforesaid Rules,--
(1) in rule 3, for sub-rule (2) the following shall be substituted, namely:--
"(2) The financial ratios specified in sub-rule (1) shall be certified by the auditors of the company as on the date of passing the special resolution for purchaser; and

(2) in rule 4:
(a) in sub-rule (1), after the word "cash", the words "resources" shall be inserted; and
(b) for sub-rule (2) the following shall be substituted, namely:-

"(2) A certificate shall be obtained from the auditors of the company that sufficient cash resources were available with the company on the date of passing the special resolution for purchase."

[No. F.ED/SECP/4/2000.]

Sd/-
MOHAMMAD HAYAT JASRA,
Executive Director (Law).