The Companies (Rehabilitation of Sick Industrial Units) Rules, 1999 - Khalid Zafar & Associates

Khalid Zafar & Associates / Laws Of Pakistan / The Companies (Rehabilitation of Sick Industrial Units) Rules, 1999

The Companies (Rehabilitation of Sick Industrial Units) Rules, 1999 were made by the Securities and Exchange Policy Board in exercise of the powers conferred by section 296 read with section 506 of the Companies Ordinance, 1984 and clause (b) of section 43 of the Securities and Exchange Commission of Pakistan Act, 1997. Under the rules the Federal Government shall constitute a Task Force to be known as the “Task Force for Revival of Sick Industrial Units” to exercise the jurisdiction and powers and to discharge the functions and duties conferred or imposed on it by section 296 of the Ordinance or under these rules. The Task Force shall consist of a Chairman, a Vice Chairman and other members. The minimum strength of such members shall be five (05) & maximum shall be twelve (12). The Chairman, Vice Chairman and other Members of the Task Force shall be persons of ability, integrity and st anding who have special knowledge and experience in banking, industry, law, finance or accountancy.