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SEMESTER FALL 2014 FINANCIAL ACCOUNTING-II (MGT401) ASSIGNMENT NO. 01 DUE DATE: December 03, 2014

SEMESTER FALL 2014 FINANCIAL ACCOUNTING-II (MGT401) ASSIGNMENT NO. 01 DUE DATE: December 03, 2014 MARKS: 20 Learning Objectives To give the students in depth knowledge of process of incorporation of new company and to make them realize that how process devised by security and exchange commission of Pakistan (SECP) can be followed in real time situation. Learning Outcomes Students will be able to get comprehensive knowledge about new company incorporation procedure, requirement of documents and online method given by SECP. Case Assignment question is regarding formation and registration of company under companies’ ordinance 1984. Different scenarios are given and you are required to give proper treatment of these situations with respect to companies’ registration process devised by security and exchange commission of Pakistan (SECP). Mr. M. Gulzar is sole owner of a foundry business. With his determination and hardworking attitude, he managed to make his business profitable and expand it at large scale. As foundry is second largest industry of Pakistan and there is great opportunity to avail. Mr. M. Gulzar who is sole owner is working on different options (going public, single member company, Pvt Company etc.) all have their pros and cons. REQUIREMENTS: (3+3+3+3+08) • If Mr.M.Gulzar decided to avail any one option listed above how much time it will take to complete registration with SECP assuming all other procedures are completed? (03 Marks) • Is there any certificate needed prior to incorporate the Pvt Ltd Company, if yes, from which Government department/Mistry Mr.M.Gulzar will take permission? (03 Marks) • Mr.Gulzar thinking about name if he decides to go publicly that is “Askari Foundry”. Is this name is allowed by SECP, if not why and if yes why? (03 Marks) • Precisely give the online procedure of registration of Company for Mr. M. Gulzar with SECP. (03 Marks) • How private company is different form Public company in term of ‘requirements after incorporation’? Provide table of analysis for differentiation. (08 Marks) IMPORTANT: 24 hours extra / grace period after the due date is usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience. OTHER IMPORTANT INSTRUCTIONS: DEADLINE: • Make sure to upload the solution file before the due date on VULMS. • Any submission made via email after the due date will not be accepted. FORMATTING GUIDELINES: • Use the font style “Times New Roman” or “Arial” and font size “12”. • It is advised to compose your document in MS-Word format. • You may also compose your assignment in Open Office format. • Use black and blue font colors only. REFERENCING GUIDELINES: • Use APA style for referencing and citation. For guidance search “APA reference style” in Google and read various website containing information for better understanding or visit http://linguistics.byu.edu/faculty/henrichsenl/apa/APA01.html RULES FOR MARKING Please note that your assignment will not be graded or graded as Zero (0), if: • It is submitted after the due date. • The file you uploaded does not open or is corrupt. • It is in any format other than MS-Word or Open Office; e.g. PowerPoint, PDF etc. • It is cheated or copied from other students, internet, books, journals etc. Note related to load shedding: Please be proactive Dear students! As you know that Pre Mid-Term semester activities have been started and load shedding problem is also prevailing in our country now a days. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs.

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Precisely give the online procedure of registration of Company for Mr. M. Gulzar with SECP

 

Obtain Name Availability

 Enter your User ID and Password to log in athttps://eservices.secp.gov.pk/eServices/

Create additional User IDs, as required through Manage Company Users button available

on the top right hand side of the web page. You will need to create separate User IDs for

all proposed Subscribers in order to obtain their digital signatures.

Obtain the required Digital Signatures for all Subscribers from NIFT

https://secp.niftetrust.com/

Log in again at https://eservices.secp.gov.pk/eServices/ and fill out the data. Press

Continue button at the bottom of the page. The next page will be displayed and the

information entered so far will be automatically saved by the System.

Attach and Save Memorandum of Association in the attachment link provided. Please

note that the attachment size should not exceed 2 MB.

Attach and Save Articles of Association in the attachment link provided. Please note that

the attachment size should not exceed 2 MB.

Attach and Save CNICs of all the Subscribers and any other required document(s) under

Fill New Attachment Form link.

Open and Save Challan Form which is automatically generated through the System. Do

not print Challan at this stage.

Click Sign Forms

Select and Sign Forms using the digital signatures obtained from NIFT. Every Subscriber

needs to sign forms by logging through his/her User ID.

Click Submit to SECP button. After your process is submitted, you will see a submitted

process reference number on the screen. Please print a copy of this page for future

reference.

Print the Challan from “Submitted Processes” and pay this Challan in the designated

branch of MCB.

 

After you have submitted the process and paid the challan, your process will be assigned to the

concerned officer for processing. You will receive an email letting you know about the status of

your case whether it is accepted, rejected or further information is required for issue resolution.

Please note that Company Incorporation Cases are processed at the concerned Company

You may also

consult the User Guide on the SECP website 

• Mr.Gulzar thinking about name if he decides to go publicly that is “Askari Foundry”. Is this name is allowed by SECP, if not why and if yes why?

Security Exchange Commission Of Pakistan does not deal with foundry business.

It deals with.

(a) A banking company I) Ministry of Finance
II) State Bank of Pakistan
(b) A non-banking finance
company (NBFC)
Securities and Exchange
Commission of Pakistan
(c) A security service
providing company Interior Division
(d) A corporate brokerage
house
Stock Exchange (for transfer of
member ship card in favour of
proposed company)
(e) A money exchange
company State Bank of Pakistan
(f) An Association not for
profit u/s 42 of the
Companies Ordinance, 1984
Licence from Securities and
Exchange Commission of Pakistan
(g) A trade organization u/s
42 of the Companies
Ordinance, 1984
Licence from Ministry of Commerce.

so in my point of view he can use this name for his foundry easily.

Or ager SECP ki bat kero to ye ap kabhi nahi bata pao g name ka because uska online/ofline procedure hai you will have to check availability of name if available or not. And this will you can.not guess or confirm it is upon SECP..

mgt401 assignment 01 solution

see the attached file please

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Private Limited Any one or more persons formed for a lawful purpose by subscribing to the memorandum of association, a private company. (“Companies Ordinance, 1984)

 Public Co., Ltd.Any three or more persons may form a public limited liability company, and in the same manner and purpose of any seven or more people can form a listed company. (“Companies Ordinance, 1984)

Private Company

Public Company

Its minimum number of persons is two and the maximum is 50.

It makes the use of private limited after its name.

It can commence its business operation after getting certificate of incorporation.

The memorandum of association and the articles of association is signed by at least two persons.

The filling of both memorandum and article of association is obligatory.

It does not require the filling of the prospectus or statement-in-lieu of prospectus.

It cannot sell shares to the general public in the open market.

Transfer of share is restricted in the articles of association.

There are of least two directors and they need not retire by rotation.

There is no legal restriction on director's remuneration.

 

Its minimum number of persons is seven and the maximum is unlimited.

It makes the use of the word limited after the name.

It requires both the certificate of incorporation and the certificate of commencement for its commencement.

Its memorandum and articles of association is signed by at least seven persons

It may not have its own articles of association because it may adopt table 'A'

 

It must file prospectus or statement in lieu of prospectus before allotment of shares.

it sell shares to the general public in the open market

Transfer of shares is not restricted and as such shares are freely transferable and are quoted in the stock exchange.

it has at least 3 directors and they are subject to retire by rotation.

The directors cannot draw remuneration more than 11 percent of the net profit of the company

Last question mein kitne points likhne hen Public and Private Company k difference ko explain krne k liye?

S. No

Private Company

Public Company

1

Only one member should be subscriber to memorandum and articles

At least three members is the least limit to be subscribed to memorandum and articles

2

Maximum no of members allowed is 50

There is no limit for the no of members

3

There must be at least two directors in private company

There must be at least 3 directors for public listed company

4

No restriction on the shares allotment

The company have to meet the requirement of sec 184 company ordinance 1984

5

Can start business after the issuance of certificate of incorporation

Should have to meet the requirement set by sec 146

6

There is no requirement to hold the statutory meeting and file the report

It is important to hold the statutory meeting and file the report within requested time

7

It is not required to file annual balance sheet and profit and loss account to registrar

It is legally required to file the balance sheet and profit and loss account to the registrar.

 

) How private company is different form Public company in term of ‘requirements after incorporation’? Provide table of analysis for differentiation

 

Soln:

Sr. No.

 

Requirement

Private Company

Public Company

1

Appointment of 1st Directors

Within 14 days of company incorporation  file Form 29 with SECP

 Same as private company however a list of director on Form 7 and consent to act as directors on form 28 is required to be submitted to SECP within 7 days of the company incorporation.

2

Election of Directors

1st elections of directors on 1stAGM & subsequently after every three years.

Same as private company however list of director on Form 7 and consent to act as directors on form 28 is required to be submitted to SECP before the election of directors.

3

Appointment of Chief Executive

The directors of the company to appoint 1st CEO within 15 days of company incorporation and subsequently within 14days from the election of directors.

Same as private company however the consent to act as Chief Executive Officer on form 28 is required to be submitted to SECP for 1st CEO within 7 days of the company incorporation and subsequently before the appointment is made.

4

Commencement Of Business

The company can commence business after getting the certificate of incorporation.

The company after getting incorporation certificate need to get the business commencement certificate before starting business.

5

Statutory Meeting Requirement

Not Required.

Required to be held within a period of not less than 3 month but not more than 6 months of getting business commencement certificate.

6

Informing Death of Member to registrar

Required in case of Single Member Company.

Not Required

7

Filing of Audited Accounts in the prescribed format

Not required.

  • For un- listed public company 2 copies of audited accounts to be filed with the registrar within 30 days of AGM.
  • For listed companies, 3 copies of audited accounts to be filed with the SECP, stock exchange and the concerned registrar at the time of sending notice of AGM as well as within 30 days of holding AGM.

8

Filing the Return of Beneficial Ownership

Not Required

Required for listed companies.

9

Appointment of Company Secretary

Not a statutory requirement.

A statutory requirement for a listed company.

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