Unlisted Companies: Section 159 of Companies Act, 2017 " Procedure for election of directors"
Reform ID		F477
Description		Earlier, the existing directors had to fix the number of directors to be elected at a general meeting at least 35 days before the meeting, and this number could not be changed without prior approval of that meeting. This section is now eliminated for unlisted companies, whose Board of Directors represents 75% of shareholders and resolves otherwise being exempted.
Department		Securities and Exchange Commission of Pakistan (SECP)
Jurisdiction / Location		Federal - Entire Pakistan
Sector		All Sectors
Start Date
Target Deadline
Date Enacted
Implementation Status		In Progress
Progress		25%
CCORR Direction		Eliminate
Cost Savings PKR (Mil.)
Evidence