Past Paper Descriptive – Oct 2023 Updated

Compiled by: Arib S.

[Thanks to all the students who shared their exam feedbacks]

Corporate Governance, Business Law & Ethics

(CGBL&E)
Note: Similar questions/topics from multiple students are written just once

Find answers of below questions, solved descriptive and other

study material such as Recommended Lectures, Notes, Books,
Past Papers of your respective course in this google drive:
https://drive.google.com/drive/folders/1EdfluOCsZ_NUiRZE_oJ
RT9eXiK4d4aT3

(2022)
❖ AEL HAS 50% voting share in SSL and 52% in RPL. If SSL intended to invest 200 Million in RPL.
What is the relationship between RPL and SSL. What are the conditions for the investment.
❖ Agm ka scenario jis main 2 directors 30 sept 2018 ko agm karwana chahty thy, Aur baqi sary
30 oct 2018 ko hold karna chahty thy . Company bani thi 1 feb 2018 aur. Commencement
thi 1 may ya april 2018. To batayen ap kis ka sath dengy.
❖ Agm kab aur kahan held hoti hai aur kon kon is ki date ko extend kar sakta hai?
❖ Buy back of shares. documents from company for filing and what's the closing time.
❖ EOGM
❖ Exception from free reserves
❖ How are they formed: Single Member company, Private Company, Public company
❖ How the registerar will remove the deficiencies and discrepancies in the document for the
registration of the company? documents?
❖ If any alteration is made in MOA or AOA, what action is required to be taken by company,
which has made such alteration. And what is the penalty if any contravention to this
section?
❖ In Which Case Court didn't eligible order to winding up the company?
❖ In which case the there's no need of approval of prospect from commission
❖ Mr akram is the member of company, he urgently request for inspecting and for the copy
Last held agm's minutes books. Can the company provide this facility? And also what is the
penalty level if default?
❖ Mr Ayyub is a General Manager of company and taken a loan of 1 million in 2009 which is
still not paid. Company suggested him as a CEO of company. Before the appointment Mr
Ayyub again make a request of 10 million loan from the company. Explain According to
companies Act he's eligible for the appointment and working as a CEO of company if not
then why?
❖ NBFC sec 9
❖ Sec 182 co act
❖ The regulation in Securities exchange has to be apply on person/organization?
❖ Time taking of poll.
❖ What are the circumstances for the wound up of modaraba by an application of the
tribunals?
❖ What are the requirements for the conversion of Public to private company and vice versa.
What are the actions for the conversion of listed company to public company.
❖ What are the rights given to the court for the proceeding of General meetings
❖ What matters will it focus with respect for financial statements(audit committee)

MCQS
❖ Small sized co
❖ Code of corporate governance
❖ Aml
❖ Nbfc
❖ Female director
❖ Ceo kis ko report karta hai

(FEB – AUG 2023)

❖ 3, 4 scenarios the company act se
❖ a company is declared dividend out of any kind of profit.. according to company act, this
provisions complaince with that,explain the your answer.
❖ A listed company a member can vote through which of the following is incorrect? Through
Video link Online voting system
❖ Abc company Prospectus issue 1 April 2008, subscription list due on 5 May 2008. Kiya Act ke
mutabiq compliance hai...
❖ according to Code of corp gov. Duties of cfo & secretary of Co. Regarding attendance in
meeting (reg#13)
❖ Against money launderin
❖ AGM when to held, where to held and in case of listed who can extend time for how much
period of holding meeting. Companies Act 2017: section 132
❖ Agr co NY loan ya guaranteed Di Tu person pr Kia punishment h or liability Kia Bani gi
❖ Alteration of Moa and aoa asked in scenario
❖ Aml person guilty of offence
❖ appointment of external auditor under the code of corporate governance
❖ Appointment of first and subsequent director CEO in case study
❖ Associated companies and associated undertaking
❖ Audit committee composition
❖ Ayub limited has capital of 10 million .Shahood acquires 2.5 million from ayub ltd .Can he
required company to conduct a fresh meeting??
❖ Bid amount
❖ Board of directors
❖ bonus share
❖ Buy back of shares and issue further shares
❖ CEO And Auditor
❖ CEO declare dividend in general meeting to pay from any type of profit.
❖ ceo remove requirements
❖ Certain associations, and partnerships are allowed to have more than 20 persons, what are
those exceptions?
❖ Change of name
❖ Change of registered address
❖ Code of Corporate Governance
❖ Code of corporate governance: section of Directors training program (what for new director
and old director)
❖ Commission step when listed company converted in private
❖ Companies jo securities public ko offer ni kr skti.. Describe them cond. For reg of modarba
co.
❖ condition for appointment of nominee director
❖ Condition in which company can withhold sensitive information
❖ condition of employee stock option Conditions applicable to modaraba?
❖ conditions a modaraba company shall abide
❖ Conditions For nbfc
❖ Conditions Jin k basis py private company apny shares transfer karsakhti.
❖ conditions of issue share at discount
❖ Conditions of Nbfc
❖ Contributory court winding up company
❖ Contributory Legal Representative Responsibilities after His Deadth
❖ Conversion from public to private and vice versa
❖ Court ki power
❖ Court power on general meeting
❖ Dawood Limited is a listed company that is taking finance facility from the bank which
required approval of a board meeting, but there is no meeting schedule and some directors
are the the f country. suggest alternate ways by Act?
❖ Debt securities trading prohibition
❖ define eogm and who call it
❖ Define substantial Shareholders
❖ Demand and time of poll
❖ Different percentages mudaraba
❖ Director election
❖ Director training
❖ directors ki power responsibilities
❖ Director's report.
❖ Discrepancies or deficiencies wala b tha aik
❖ disposal of Treasury share?
❖ Documents attach tu notice of meeting
❖ Documents for incorporation
❖ documents needed in notice for special business
❖ effect of incorporation
❖ effect of revocation of license to the company and member (NBFC)
❖ Effects of Registration on Companies.
❖ Eligibility criteria Of registration of mudaraba company.
❖ Employee stocks option
❖ EOGM quorum &case in which adjourned or dissolved
❖ EOGM. By who authorized it and who can request it
❖ Experiences of ceo director
❖ extension of meeting
❖ External Auditor Mandatory requirement.
❖ External auditor regulations in CCG
❖ Female director
❖ Filling Of Resolution With Registrar
❖ Financial literate sec 99
❖ financial statement, account and reports of modarba company.
❖ Free reserve does not include
❖ Further issue of shares: in case of right issue a progess report shall be filed what should it
contain and continuously report to how much period?
❖ General committee responsibility
❖ How receives money as securities and deposit should be utilised
❖ How company incorporate
❖ How general committee assist National exectictive committee
❖ How is public, private and listed company formed
❖ How many Documents required for registration of modaraba company?
❖ How smc convert pvt
❖ How the registrar shall remove deficiencies and discrepancies in the document for
registration of companies etc?
❖ how to prevent nbfc from money loundering?
❖ If chief executive withhold declared dividend. What is the imprisonment?
❖ If Registrar removes the Modaraba management company for noncompliance or fraud
then, what action registrar will take? And what will be the consequences for the Modaraba
management company after the transfer of its management to another Modaraba?
❖ if special business, annex to the notice of meeting a statement of all material facts section
134
❖ In case of listed Company Quarterly fS statement prepared and submitted to commission
with Direct reports. What should included in director reports.
❖ In relation to non banking finance ordinance what are requirements of members.
❖ In the case of an annual general meeting all the business to be transacted special
shall be deemed special? Internal audit
❖ In what case any other officer then director should be liable to propose a contract and what
is the penality regarding this ese kuch tha incorporation main name Kay dono section, issue
of right share @ discount
❖ incorporation process (pvt ltd)
❖ information to be sent to members along with letter of right according to Co.(further issue
of shre)reg (schedule 1)
❖ IPO sy prospectus
❖ ks trah ki changing kre name me tu approval required ho gi? Aur kiski approval? Aur ks trah
ki name me changing ho to approval ki zrort nh.
❖ Legal advisor
❖ Liabilities of director whose liability is unlimited in case of winding up
❖ Liability of a contributor's legal representative in case of his death.
❖ Libility of member in case which he became non member before winding up
❖ Limited liability companies konsi hoti Hain.
❖ Liquidator ko remove krne ka or Liquidator ka hi kuch or pucha tha yad ni
❖ listed company audit committee ki composition
❖ Listed compnay may under its own responsibility,delay the public disclosure of price
sensitive information such as not to prejudice its legitimate interest
❖ loan kin persons ko nh ml skta? Kis cndition m ml skta h un persons ko ji ko loan ya gurantee
etc company provide nh krti
❖ Ltd by guarantee table
❖ Manager director and officer responsibility in NBFc.
❖ Meeting called by company and members not having share capital
❖ Meeting kahn or kab or notice kisko jata hai
❖ Member represent as member from another company or creditor of another company
❖ Members kam hojaen company k in case of listed or private dono
❖ Members of NEC
❖ MOA or AOA alterations penalty 1
❖ MODARABA holder certificates or registrar ko konse documents bhaijty hain
❖ Modaraba woundup.
❖ Modarba k rules comply ny krty tu kya consequences hn, registrat kua action le g
❖ Modarba ki administration kbb change hogi?
❖ modarba tribunal windup
❖ Modarba under the management of another person by registrar's initiative
❖ money laundering or terrorism ko rokny Kay liye
❖ Mr. Zamin aik software house ka employee h or other company ny usko report bnane ka
bola hai &he required copies of memorandum & article of association from the
company.can company provide the copies of memo & AOA?
❖ Mudaraba and it's financial reporting.
❖ Names that need approval of commission
❖ Names that shall not require prior approval.
❖ NBFC Aforesaid Powers
❖ NBFC to prevent terrorist five condition
❖ Nbfs and aml mix tha konse Kam nbfs ko nh krne chaheya h Jis sy Woh aml ma aye aisa Kuch
tha
❖ No restrictions in dividend declaration CEO can declare on any profit .Give your opinion on
the statement
❖ Non profit kai license ki revocable or effect on employee, director or officers
❖ Notice of AMG meeting and in case of listed company
❖ On what conditions, an officer other than the director wants to do the proposed contract
and arrangement with the company? In case of noncompliance what level of penalty?
❖ ordinary resolution 4 business
❖ Paid Up Capital Publication
❖ Pakistan and china are doing business. You are required to provide what are the documents
reqired for incorporation
❖ Paramount change it's named to paramount construction, what steps they will take to
change the name, and what action they take after the change?
❖ Penalty levels
❖ Power of court in proceeding of AGM?
❖ Power of court regarding proceeding of meeting. Companies Act 2017: section 136
❖ presentation of meeting of body corporate when body corporate is a member and creditor
❖ Private company definition
❖ Private company must include provisions in section 2(LRP), what will be the consequences if
it make defaults with such provisions and what grant may commission give to private
company. Companies Act 2017: section 52
❖ prohibited names
❖ provisions jo lazmi private cmpany k articles me hoti h ? Agr comply na kro tu
concequences?
❖ PSX annual listing fees
❖ Public offerings
❖ Qualification of CFO
❖ Quorum of the AGM
❖ R ek r ha foreign company ke konse additional documents submit honge r kon usko approve
karega
❖ Redeemable capital includes ?
❖ registered and signing of articels (ik case study typ question th)
❖ Regulations of securities exchange?
❖ Removal of director ?
❖ remuneration policy of director
❖ representation of body corporate at meetings section 138
❖ Requirements Filled to the registrar in issuance of
❖ Requirements of quorum of company not having share capital ( called on requisition of
members or in any other case).
❖ Resolution and its sub section
❖ Responsibilities of directors and officers to the person authorized for inspection of Nbfc and
the power of office
❖ Return a comapny shall file to registrar in case of issuing bonus and discount shares
❖ Right share and other than Right share ko define karnaa thaa
❖ Ristrictions to purchase or dispose treasury shares
❖ Sahir limited is single member private company.He is is transfer is share holding to his son.
you are required to advise
❖ Scenario bna kr Private company ki deff poochi v thi
❖ Sections: 1, 2, 134, 182, 145, 5, 53A, 73, 96S
❖ Securities regulations applicable on whom?
❖ self registration
❖ Significant policies
❖ SMC senecio base question.
❖ Special resolution pass hua hai and co. secretary is suggesting it should not be filed and kept
at the registered office for inspection. Asked for elaboration or smthn.
❖ Statuary meeting penalty
❖ Statutory meeting definitions and who call it ?
❖ Stock exchange
❖ Substantial Shareholder
❖ Time for poll who shall announce the results scrutinized
❖ Voting power
❖ what is associated company and associated undertaking
❖ what is common seal
❖ What is paid up and authorized capital
❖ what is the procedure election of directors if number of directors is more than fixed by the
number of directors
❖ What Notice annexed with special bus
❖ What policies a company should post on its website
❖ Who shall precise as a chairman in General meeting.
❖ What shall registrar do if bod not elected at extended AGM/EOGM
❖ What should be the undertaking of directors and substantial shareholders for right share
isse at face value and at premium.
❖ What time of holding the AGM and whereholdheld it? and it can be extended for how many
days?
❖ What will be the punishment and liabilities of person in party to make loan, guarantee or
security without approval. Companies Act 2017: section 182
❖ When listed company can issue shares on face value and premium
❖ when the commission will put an administrator to run a modaraba company
❖ Which member are not eligible for loan and guarantee..
❖ Who announce the result of the meeting?
❖ Who regulates the poll in the meeting?
❖ Who shall sign MOA, AOA in case of non natural person
❖ Who should be the members of national committee under money laundering act
❖ Wound up by tribunal
❖ Write any 5 conditions to Prevention of NBFCs involvement in money laundering , terrorist
financing and other illegal trades.

MCQs
❖ Auditors
❖ buyback shares
❖ CEO removal
❖ Cheif exicutive reports to: Member, Director, Secretary, Auditors?
❖ Code of corporate governance
❖ corporate governance
❖ Directors appointment
❖ further issue
❖ Incorporation of company
❖ kitny atleast member present hony chahye eik meeting ma: 10, 5, 4, 2?
❖ Meeting AGM and EOGM
❖ Modarba
❖ NBFC
❖ Non profit organization
❖ Prospectus
❖ Public convert to private
❖ Public offering
❖ securities act
❖ Share premium
❖ Shares can be transferred to all except: Father, Mother, Son and daughter, Step son and
daughter?
❖ special penalties
❖ Winding up

(OCT 2023)
❖ (Further issue of right capital) substantial shareholders and director for right share issue at
face value or premium value
❖ Alternative Directors senerio based
❖ As a expert what will the advice you can give ASM company For outsource Internal Audit
function
❖ comment on When in the first 15 min Quorm is not present in extraordinary meeting What
happen if call upon By members or directors
❖ Consequences in case of public or private company having less members
❖ Conversion of Public company having capital 20M to private company
❖ Ek Code 19 (COCG) se
❖ In which cases company can give financial assistance to its holding company
❖ Mr Fayyaz malik is a company who want to start its business well know Chinese
company.You are required to tell documents required for incorporation
❖ Names which require approval of commission?
❖ Nomination committee Responsibilities and term of reference shall decide by
❖ Notice
❖ Ordinary Businesses
❖ Payments of certain debts out of assets subject to floating charge in priority to claims under
the charge.
❖ Penalty of not issuing share certificate
❖ Price sensitive information of a company delay under it's own responsibility, explain these
conditions
❖ Procedure of passing special resolution?
❖ Proxy
❖ Public offering se
❖ Quaterly financial statements are included in director's report. What should be include in
director's report
❖ Regulation about issue of share other than righ
❖ Regulation of sending Notice
❖ terrorist financing and other illegal trades?
❖ Under company act, body corporate will attend meeting of another company: member of
that another company. creditor of that company
❖ Under light of company act for listed company explain: the independent director of
company want to increase their remuneration 20,000 to 49,000. Kamil is director. He goes
 on vacation in Abroad appoint his brother as a director. Abid is a director of company but
not a member
❖ Under which conditions company will issue duplicate certificate and if company is unable to
issue then will notify within how much time?
❖ Who will be the chairman of BOD in every meeting
❖ Winding up of modaraba by tribunal
❖ write 5 condition for NBFCs for preventing him from Money Laundering?
❖ Notification ki definition
❖ Shelf registration ki definition

MCQS
❖ Authorized capital mentioned in MOA
❖ Code of corporate governance
❖ Def of alter, alterations
❖ Def of shelf registration
❖ Def of sponsor
❖ Executive director are in listed company
❖ In case of further adjourned meeting companys members
❖ In case of listed co which is true(Chairman must from non executive directors)
❖ Meeting or votes k se…
❖ NBFC
❖ Notification includes: (official gazatte)
❖ penalties
❖ Percentage for amalgamation passing resolution
❖ prospectus shall be issued on the website of issuer
❖ Rules made by commission or Security exchange
❖ TORs of nomination committee define by
❖ Treasury shares shall not exceed 20 percent of paid up capital

For guidance regarding any course (OL1 – SL1) or to join WhatsApp

group for study material, discussions and regular updates regarding
ICMA contact on:
Name: Arib Sarfaraz
Phone: 03352232888