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    The Securities and Exchange Commission of Pakistan issued Circular No. 11 regarding a revision to the Fourth and Fifth Schedules of the Companies Ordinance of 1984. The circular extends a concession that allows independent power producer (IPP) companies that have executed implementation agreements with the Government of Pakistan to capitalize foreign exchange losses on outstanding foreign currency loans until the termination date of their respective implementation agreements. This concession is an extension of a previous special dispensation that expired on September 30, 2007. The circular is not intended to apply this concession to other IPPs or companies besides those IPP companies with executed implementation agreements.

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    Revision of Fourth and Fifth Schedules to the Companies Ordinance, 1984

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    The Securities and Exchange Commission of Pakistan issued Circular No. 11 regarding a revision to the Fourth and Fifth Schedules of the Companies Ordinance of 1984. The circular extends a concession that allows independent power producer (IPP) companies that have executed implementation agreements with the Government of Pakistan to capitalize foreign exchange losses on outstanding foreign currency loans until the termination date of their respective implementation agreements. This concession is an extension of a previous special dispensation that expired on September 30, 2007. The circular is not intended to apply this concession to other IPPs or companies besides those IPP companies with executed implementation agreements.

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    © All Rights Reserved
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    8 views2 pages

    Securities and Exchange Commission of Pakistan Chairman'S Secretariat

    Uploaded by

    Shafiq UrRehman
    The Securities and Exchange Commission of Pakistan issued Circular No. 11 regarding a revision to the Fourth and Fifth Schedules of the Companies Ordinance of 1984. The circular extends a concession that allows independent power producer (IPP) companies that have executed implementation agreements with the Government of Pakistan to capitalize foreign exchange losses on outstanding foreign currency loans until the termination date of their respective implementation agreements. This concession is an extension of a previous special dispensation that expired on September 30, 2007. The circular is not intended to apply this concession to other IPPs or companies besides those IPP companies with executed implementation agreements.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN CHAIRMANS SECRETARIAT

    No.DDCS/116/SECP/2008. CIRCULAR NO. 11 Subject: OF 2008

    June 13, 2008

    Revision of Fourth and Fifth Schedules to the Companies Ordinance, 1984

    The undersigned is directed to refer to the Commissions circular No.1 of 2005, whereby the listed companies and their subsidiaries were by way of a special dispensation allowed to follow the requirements of the 4th schedule applicable to such companies before revision of the said 4th Schedule and in the meantime 5th Schedule was also amended. 2. The special dispensation expired on 30th Sept, 2007. It has been

    represented by IPPs both listed companies and their subsidiaries and non-listed IPPs including those which are private companies that they are not in a position to treat foreign exchange losses after 30.09.07 as period costs. The matter has been considered in consultation with ICAP. 3. In view of the difficulties explained by listed, unlisted and/or private

    IPP companies that have executed Implementation Agreements with Government of Pakistan, it has been decided that the concession to capitalize exchange loss on foreign currency loans contracted by IPPs and outstanding on the date of revision of the said 4th and 5th Schedules is allowed till the termination date of Implementation Agreements in question. 4. This shall not, however, be available to other IPPs and companies.

    Syed Fayyaz Mahmud Director (CS)


    Securities and Exchange Commission of Pakistan NICL Building, 63-Jinnah Avenue, Islamabad PABX: +92-51-9207648 Fax: +92-51-9205692 fayyaz..mahmud@secp.gov.pk

    Distribution: 1. 2. 3. 4. 5. 6. 7. 8. 9. Chief Executives of Stock Exchanges, Karachi/Lahore/Islamabad. The President, Institute of Chartered Accountants of Pakistan. The President, Institute of Cost and management Accountants of Pakistan. ROUSCH (Pakistan) Power Limited, 39-C/IV, Block-6, P.E.C.H.S, Karachi. HUBCO, Islamic Chamber Building, Block 9, Clifton, Karachi. Uch Power (Pvt) Ltd, 48, Khayaban-e-Iqbal, Main Margalla Road, F-7/2, Islamabad. Southern Electric Power Company Limited. Mr. Safeer Ahmed, Senior Financial Analyst, Ministry of Water & Power, Islamabad. All Officers of the Commission.

    Securities and Exchange Commission of Pakistan NICL Building, 63-Jinnah Avenue, Islamabad PABX: +92-51-9207648 Fax: +92-51-9205692 fayyaz..mahmud@secp.gov.pk

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