Companies Ordinance 1984

2. Definitions.- (1) In this Ordinance, unless there is anything repugnant in the subject or context, —

(1) "articles" ► means

→ the articles of association of a company i) as originally framed or ii)as altered → in accordance with the provisions of: i) any previous Companies Act, or ii) this Ordinance, ► including, → so far → as they apply to the company, ► the regulations contained in → Table A → in the First Schedule;

(2) "associated companies" and "associated undertakings"

►mean ►1)→any

i) two or ii) more → i)companies or ii) undertakings,

or 2) → i) a company

and ii) an undertaking, ► interconnected with each other →in the following manner, →namely: —

(i) ►if a person 1)→ who is the

→ i)owner

or ii)a partner or iii)director →of i)a company or ii)undertaking,

or 2)→ who, i)directly or ii) indirectly, → i)holds or ii)controls → shares → carrying not less than →twenty per cent →of the voting power →in such i)company or ii)undertaking, ►1)is also the i)owner or ii)partner or iii)director →of another i)company or ii)undertaking, or 2) → i)directly or ii)indirectly, → i)holds or ii)controls → shares →carrying not less than →twenty per cent →of the voting power →in that i)company or ii)undertaking;

OR (ii) ►if the i)companies or ii)undertakings

1)→are under common

i)management or ii)control

or2) one is the subsidiary of another;

OR(iii) ►if the undertaking is a →modaraba →managed by the company;

and ►a person

1) who is the i)owner of or ii)a partner ↕ in a or iii)director ↕

i)company or ii)undertaking

or, 2) who so i)holds or ii)controls

→shares →carrying not less than →ten per cent of the →voting power in a → i)company or ii)undertaking,

►shall be deemed to be an →"associated person" →of 1)every such other person and 2)of the person

a)Ф who is the i)owner of or ii)a partner ↕ in or iii)director ↕

Ф such other i)company or ii)undertaking,

or b)Фwho so i)holds or ii)controls

Фsuch shares Фin such i)company or ii)undertaking:

Provided that →shares shall be deemed to be → i)owned, ii) held or iii) controlled → by a person → if they are → i)owned, ii)held or iii) controlled → a)by that person or b)by the i)spouse

or ii)minor children of the person:

Provided further that— (i) directorship of a

→ i)person or ii)persons →by virtue of nomination by i)the Federal Government or ii)a Provincial Government or iii)a financial institution Ф a)directly or b)indirectly Ф a)owned or b)controlled Фby such Government; or

OR(ii)► 1)shares owned by → i)the National Investment Trust or ii)the Investment Corporation of Pakistan or iii)a financial institution Ф a)directly or b)indirectly Ф a)owned or b)controlled Фby i)the Federal Government or ii)a Provincial Government;

or 2)shares registered

→in the name of a central depository, →where such shares are →beneficially owned by the →central depository]; ►shall not be taken into account →for determining the →status of a → i)company, ii)undertaking or iii)person →as an i)associated company, ii)associated undertaking or iii)associated person;