Unlisted Companies: Section 171 of Companies Act, 2017 "Vacation of office"
Reform ID		F505
Description		The law provided that a director shall cease to hold office if they become ineligible under Section 153, absents themselves from three consecutive meetings, holds office of profit without sanctions, or take a loan or guarantee from company. However, instead of micromanaging the affairs of the company, such criteria shall be removed except for section 153 and leave the rest to be decided under the articles of association by the shareholders.
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		Simplify
Cost Savings PKR (Mil.)
Evidence