4( nvrnoDUCED rN THE NATToNAL AssEMBLyl

A

BILL

further to amend lhe Modaraba Companies and A,Iodaraba (Floatation and Control)Ordinance, I980

WHEREAS it is expedient further to amend the Modaraba Companies and, Modaraba(Floatation and Control) Ordinance, 1980 (XXXI of 1980) for the purposes hereinafterappearing;

It is hereby enacted as follows:-

1. Short title and commencement.- (1) This Act shail be called the ModarabaCompanies and Modaraba (Floatation and Control) (Amendment) Act,20ZQ

(2) It shall come inro lorce at once.

2. Amendment of section 1, Ordinance XXXI of 1980.- In the ModarabaCompanies and Modaraba (Floatation and Control) Ordinance, 1 980 (XXXI of 1980),hereinafter called as the said Ordinance, in section l, in sub-section (l), for the word"Floatation" the word "Establishment" shall be substituted.

3. Amendment of section 2, Ordinance XXXI of f980.- In the said Ordinance, insection 2,-

(i) in sub-section (1), for clauses (a), (ab), (b), (c), (d), (e), (0, G) and (h), thefollowing shall be substituted, namely:-

"(a) "Act" means the Securities and Exchange Cornmission of Pakistan Act,1997 (XLII of 1997);

(b) "Commission" means the Commission as defined in the Securities andExchange Cornmission of Pakistan Act, 1997 (XLII of 1997;

(c)

(d)

"Companies Act" means the Companies Act,2017 (XIX of 2017);

"modaraba" means a Ilurd, having legal rights and obligations, managedby a modaraba company established under this Ordinance in which aperson participates with his money and modaraba company participateswith its efforts and skills;

(e) "modaraba certilicate" means a certificate of definite denominationissued to the subscriber of the modaraba acknowledging receipt ofmoney paid by him;

(0 "modaraba company" means a company engaged in the business ofestablishing and managing modaraba;

(g) "modaraba fund" means a ILnd raised tfuough issuance of modarabacertificates;

(h) "prescribed" means prescribed by rules;

(i) "Registrar" means the Registrar appointed under section 3;

O "regulations" means regulations made under this Ordinance;

(k) "rules" means rules made under tltiS Ordirunce;

0) "schedule" means schedule appended to this Ordinance;

(rn) "shariah Board" means Si ariah Board constituted under section 9;

I

'L'

0r) "specified" means specified through regtLlations made by theCommission under this Ordinance; and

' (, "l'ribunal" means a Tribunal constituted under section 24."; and

(iD in sub-section (2), for the expression "Companies Act. l9l.l (VII of 1(rl3)" thewords "the Act and the Companies Act" shall be substituted.

4. Amendment of section 5, Ordinance XXXI of 1980.- In the said Ordi:tiurce, insection 5, in sub-section (1),-

(a) the expression "(1)" shall be ornitted;

(b) in clause (a), for the expression "Companies Act, 1913 (VII of 1!)13)" tht:expression "Companies Act" shall be substituted;

(c) for clause (b), the following shall be substituted, namely:-

"(b) its promoters, chief executive and directors shall fulfill such fit andproper criteria as may be specified;";

(d) in clause (e), the word "and", occurring at the end, shall be omitted;

(e) for clause (f), the following shall be substituted, namely':-

"(f) that, it has minimum paid up capital of one million Rupees; and"; and

(0 after clause (f), substituted as aforesaid, the following new clausr: shall beinserted, namely:-

"(61) any other condition as may be specifred.".

5. Amendment of section 6, Ordinance XXXI of 1980.- In the said Ordinance, insection 6, after sub-section (1), the following new sub-section shall be inserted, rnmely:-.-

"(1A) The application under sub-section (1) shall be accompanied by such :'ee as

specified in the First Schedule.".

6. Amendment of PART III, Ordinance XXXI of 1980.- In the said Orc.inance, inPART III, for the heading, "PROVISIONS APPLICABLE TO MODARABAS", tlLe heading"ESTABLISHMIIN'I'AND MANAGEMENT OF A MODARA,BA" shall be substituted.

7. Amendment of section 7, Ordinance XXXI of 1980.- In the said Orclirrance, insection 7, in sub-section (l), for the word "descriptions", the word "kinds'' shall be

substituted.

8. Insertion of _sections 7A and 78, Ordinance XXXI of 1980.- Itt the saidOrdinance, after sectiSn 7, amended as aforesaid, the following new sectioni shall beinserted. namely:-

((7A. Listing of modaraba certificates on the securities exchange.- ())The modaraba certificates of a modaraba established under this Ordinance shall oe

listed on the securities exchange in accordance with the la'*,.

(2) The Registrar may allow a modaraba company to establish a nutdant,awithout listing ils modaraba certificates on the securities exchange for such peri<,d,

in such form and manner and subject to such limitations, terms and conditions :rs

ma]/ be specified.

(:i) The Registrar rnay, after evaluating performance of unlisted modaral,a,established under sub-section (2), allow establishment of the modaraba.

3

(4) The moclaraba company shall make arrangements to get the modarabacertificates listed on the securities exchange within a period of three yearsextendable for another period of two years as may be allowed by the Commissionfrom the date of its authorization.

(5) If the modaraba company fails to get the modaraba cerlificates listedon the securities exchange within the time period as provided for in sub-section (4),the Registrar may allow the modaraba company to continue managing themodardba without availing exemption from tax referred to in section 37.".

78. Increase in modaraba fund and resource mobilization.- (1) Thedirectors of the modaraba company may increase the modaraba fund by issuance offufiher modaraba certificates in such'form and manner as prescribed under theCompanies Act.

(2) In addition to the modaraba fund raised by issuance of modarabacertificates, a modaraba may mobilize further resources subject to such terms andconditions and limitations as may be specifred.".

9. Substitution of section 8, Ordinance XXXI of f980.- In the said Ordinance,for section 8, the foilowing shall be substituted, namely:-

"8. Establishment and maintenance of mndaraba.- (1) A modaraba companyregistered under section 6 shall apply to the Registmr for perrnission to establish amodaraba within a period of six months ftom the date of its registration or suchextended period as the Registrar may deem ht.

(2) An application for establishmeflt of a modara&a shall be accompanied by suchother documents as may be specified.

(3) Application under sub-section (1) shall be accompanied by such fee as

specifred in the First Schedule.

(4) The Registrar, after obtaining a cefiificate from Shariah Board to the eflectmentioned in section 10 and on being satisfied that it is in the public interest so to do,may grant a certificate of authorization to establish a modaraba on such conditions as

he may deem fit to impose, including but not limited to

(a) business to be undertaken;

(b) expenses relating to management of the modaraba;

(c) preservation of assets; and

(d) other matters relating to mode of distribution ofprofits:

Provided that, before issuing certificate of authorization, the Registrar may requirethe modaraba company to make such modifications, additions or omissions in theprospectus or statement in lieu ofprospectus as may be required by the ShariahBoard.

(5) Subject to approval of the Shariah Board, the nature of expenses charged tothe modaraba company and the modaraba shall be as may be specified.".

10. Insertion of section 8A, Ordinance XXXI of 1980.- In the said Ordinance,after section 8, substituted as aforesaid, the following new section shall be inserted,namely:-

"8A. Voting rights of modaraba certificate holders. - The holders of modarabacertificates shall have and exercise voting rights in the same manner as the members

of a company exercise under the Companies Act for the matters permissible under thisOrdinance.".

+11. Substitution of sections 9 and 10, Ordinance XXXI of 1980.- In the said

Ordinance, for sections 9 and 10, the following shall be substituted, nanely:-

"9. Shariah Board.- ( I ) The Commission shall constitute or designate a

Shariah Board which shall consist of such number of members, having suchqualificatiorrs, to perform such functions and subject to such terms and conditions as

may be specified.

(2) In addition to the duties and functions of Shariah Board provided for underthis Ordinance, the Shariah Board shall perform such other related ftlnctions as nray beassigned by the Commission from time to time.

10. Brrsiness of modaraba.- (l) No modaraba shall undertake any btrsinessactivity which is opposed to the principles of Shariah and the Registrar shall not permitthe establishment of a modoraba unless the Shariah Board has certified in writi:-rg thatthe business ploposed to be undertaken by the modaraba is not a business opposed tothe principles ctf Shariah.

1.2) A modaraba company shall ensure that-

(a) the Shariah compliance and Shariah govemance fiamework as may benotified by the Commission is complied with b1 a modaraba companyar,d modaraba', and

(b) the applicable model financing agreements are used in all t,usinesstransactions entered into by a modaraba.

Explanation - For the purposes of this section, the expression "model financingagreements" means such model financing agreements as approved by the SharialrBoard.".

12. Omission of section 11, Ordinance XXXI of 1980.- In the said OrCjnance,section 11 shall be omitted.

13, Amendment of section 12, Ordinance XXXI of 1980.- In the said Ordrnance,in section 12, for the marginal heading"Modaroba to be a legal person" the marginal heading"Stalus of modoroba" shall be substituted.

14. Amendment of section 13, Ordinance XXXI of 1980.- In the said Ordinance.in section 13.-

(a) for sub-section (1), the following shall be substituted, namely:-

"(1) A modaraba company shall not allot and issue any ntodarabacertificates unless a prospectus approved by the Registrar has been ir;sued amlthe minimum amount stated in the prospectus or, .in case of unlistedmodaraba, the minimum amount stated in the statement in lieu of p: ospectus,as the case may be, to be the amount which must be raised in order to providefor the business operations and expenses, has been subscribed.";

(b) in sub-section (2),-

(i) after the word "separate", the words "Islamic banking" shall beinserted; and

(ii) for the words "in an amount not less than", the words "and issued fo;'"shall be substitutedt and

I.c) in sub-section (8), the words "in the prospectus of the modaraha" shall beomitted.

515. Substitution of section 14, Ordinance XXXI of 1980.- In the said Ordinance.

for section i4, the following shall be substituted, namely:-

"14, Annual general meeting, preparation and circulation of annualfinancial statements and reports.- (1) Every modaraba company shall hold anannual general meeting of modaraba certificate holders of each modarabd managedby it in a manner as p.rovided for in the Companies Act.

(2) The modaraba company shall prepare the financial statements of themodaraba in such form and manner as may be specified.

(3) The modaraba company shall lay before the modaraba certificateholders the financial statements of the modaraba in the tin.re and manner as providedfor in the Companies Act.

(4) The Registrar may for reasons to be recorded in writing extend thetime in holding of annual general meeting and circulation of financial statements inthe manner as provided for in the Companies Act.

(5) A copy of the financial statements and reports shall be simultaneouslyfiled with the Registrar electronically or in such manner as may be specified.".

16. Amendment of section 15, Ordinance XXXI of 1980.-ln the said Ordinance, insection 15,-

(a) for the marginal heading "Audit and accounts" the 'marginal heading"Financial statements and audit" shall be substituted; and

(b) for sub-section (1), the following shall be substituted, namely:-

"(l) The financial statements of a modaraba shall be audited by an

auditor who is a chartered accountant within the meaning of the CharteredAccountants Ordinance, l96l (X of 1961), fulfilling such criteria as may be

specified, appointed in the annual general meeting of lhe modaraba certificateholders and such auditor shall have the same powers, duties and liabilities as

an auditor ofa company has under the Companies Act and such other powers,duties and liabilities as are, or may be, provided for in this Ordinance, rulesand regulations made thereunder.".

17. Amendment of section 16, Ordinance XXXI of 1980.- In the said Ordinance,

in section 16,-

(a) after the word "prospectus", the words and comma "statement in lieu ofprospectus" shall be inserted; and

(b) after the word "rules", wherever occurring, the words "or the regulations"shal I be inserted.

18. Amendment of section 17, Ordinance XXXI of f980.- In the said Ordinance,

in section i7,-(a) in sub-section (1), for the word "floated", the word "established" shall be

substituted;(b) for sub-sections (2) and (3), the following shall be substituted, namely:-

"(2) No modaraba company or any of its directors, shareholders,

officers or their relatives,the companies or firms in which any of the above

persons is interested as director, partner or shareholde4 shall obtain any

iacility, loan, advance or credit from the funds of lhe modaraba or on the

security ofthe assets ofthe modaraba'

6-Explanation.- In this sub-section, "relative", in relation to a direclor or

offr.cer, means the spouse, brother or sister or any of the lineal ascendarrts ordescendants ofthe director or officer.":

(3) A modaraba company shall subscribe in each modarabaestablished by it, such percentage of modarabq certificates as may bespecified."; and

(c) after sub-section (3), substituted as aforesaid, the follouing new sub-ser;tionsshall be added, namely:-

"(.4) The Commission may specit/ minimum and maximum lirnitsarrd lrolding period of modaraba certificates by a modaraba companv in amodorabalo be established or managed by it.

(5) The modaraba certilicates subscribed by a modaraba conrpanyor its promoters at the time of establishment of the modaraba shall rLot betransferred except with prior approval ofthe Registrar.".

19. Substitution of section 18, Ordinance XXXI of 1980.- In the said Ordirrance,for section 18, the following shall be substituted, namely:-

"18. Sharing of profit between modaraba company andmod t'abo certilicate holders.- (l) The share of profit of a moa'arabacornpany in respect of a modaraba, established or managed by it, shall notexceed such percentage of return on equity of the modaraba as provided lbr inthe Second Schedule.

(2) A modaraba company shall only be entitled to its share ofprofit if it distnbutes the profit to the modarabo certificate holders.".

20. Substitution of section 19, Ordinance XXXI of 1980.- In the said Ordinmce,for section 19, the fotlou'ing shall be substituted, namely:-

..PART IVDISCIPLINARY PROCEEDINGS

19. Disciptinary action.- (1) Where the Registrar is of the opinion that a mo,furabacompany, its chief executive or any of its directors at any time has conducted affairs of themodaraba prejudicial to the interest of the certificate holder, the Registrar may exercise the

following powers as he rnay consider appropriate in the circumstar.rces of the case, nameJy:-

. (o) to suspend its registration, whether in relation to all or any of its activities forwhich it is registered, for such period or until occurrence of such eveni as theRegistrar may specify; or

(b) to remove the modaraba company from management of the modurabamanaged or established by it; or

(c) to supersede the board of directors of modaraba company; or

(d) to cancel its registration, whether in relation to all or any of its activities for*'hich it is registered,

and the Registrar may-(D appoint an administrator or a modaraba company to run and managt: alfairs

of lhe modaraba established or managed by it, if any; or

7-(iD appoint a new board of directors or require the modaraba company to carry

out such changes in the management and procedure as may be specified inthe order.

(2) No order under this section shall be made without affording a reasonableoppo(unity ofhearing to lhe modaraba company:

Provided that where the Registrar is satisfied that delay in taking action under clause (a)of sub-section (l) may cause serious financial damage to modaraba certificate holders or isdetrimental to the interest of investors or the public in general, the Registrar shall actimmediately after recording reasons in writing till the time an opportunity of hearing isprovided and a final decision shall be taken.

(3) Where a person is removed under clause (c) of sub-section (l) the Registrarmay authorize any person to act as chairman or director or chief executive ofthe modarabacompany till another person is appointed in such manner and subject to such terms andconditions as may be directed by the Registrar.

(4) No person removed from office under sub-section (1) shall be entitled to claimany compensation for the loss or termination of office.

(5) A modaraba company removed from management of a modtraba, utderclause (b) of sub-section (l), shall not be entitled to establish, manage or float anymodaraba-

(6) A chairman, director or chief executive of a modaraba company removedunder clause (c) of sub-section (1) shall not in any way, whether directly or indirectly, beconcemed with or take part in management of the modaraba or any other modaraba for suchperiod not exceeding three years as may be specified in the order.

(l) The Registrar may, for the purposes of this section. exercise any power as

provided for in Part IXA of the Act.

(8) The Registrar shall not make an order under this section without approval ofthe Commission.

l9A. Change of modaraba company on application of modorabo certificateholders,- (1) Where modaraba certificate holders pass a special resolution for

(a) chatge of modaraba company of a modaraba; or

(b) change of chief executive or any of directo rs of modaraba company; or

(c) an appointment of administrator,

the Registrar may after conducting such enquiry, inspection or investigation, as the case maybe, without prejudice to any other action that may be taken under the law, by order inwriting-

(D change the modaraba compaty of a modaraba; or

(ii) require the modaraba company to change its chief executive or any of itsdirectors or carry out such changes in the management and procedure, as

may be specified in the order; or

(iii) appoint an administrator to take over and manage the modaraba in place

of Ihe modaraDa company for such period and on such terms and

conditions as the Registrar may specify in the order, extendable from time

to time by a subsequent order and before or after the expiry of the period

given in the order or in the subsequent order, as the case may be, appoint

another mo dar az,d company.

8(2) The Registrar, before taking any action under this section. may require any other

information or document which in the opinion of the Registrar is necessary for disposal ofthe matter and which establishes that the moduraba company is not managing affairs of themodaraba in accordance with this Ordinance, rules or regulations or any direction issuedthereunder or :rny condition of the modarabo and may pass axy order as he deemsappropriate.

(3) The Registrar shall not pass an order without providing an opportunity ofbeingheard to the exisling modaraba company.

(4) The Registrar shall not make an order under this section without approval oftheCommission-

198. Voluntary change of modaraba company.- If an application is mad: by a

modaraba company, in a manner as may be specified, for voluntary change of a modarabacompany, the Registrar may by an order appoint another modaraba company to manage themodaraba subject to such terms and conditions as may be specified:

Provided tJrat the Registrar shall before considering any application under this sectionrequire the moduraba company to call a general meeting of the modttraba certificate holdersseeking their appror al through a special resoiution.

l9C. Conditions on minimum holding by t modaraba company.- (1) The outgoingmodaraba compan) in terms of section 19, shall not divest its modnraba certificate; to theextent of minirnum holding as provided for in section 17 till such time as may be specified,

(2) The incoming modaraba company in terms of section 19 shall acquire minimumholding of modaraba certifrcates as required under section 17.".

21. Onrission of section 20, Ordinance XXXI of 1980.- In the said OrdinarLce,section 20 shall be omitted.

22. Amendrnent of heading, Ordinance XXXI of f 980.- In the said Or<linance,after section 2l , for the heading, "WINDING LIP". the follorving heading shall be

substituted, namely:-..PART V

WINDING UP OF MODARABI COMPAT\Y AJ'{D MODARABA".

23. Insertion of section 21A, Ordinance XXXI of 1980.- In the said Orriinance.after section 2l and the heading inserted thereafter as aforesaid, the following new sectionshall be inserted, namely:-' "21A. Bar on winding ap of a moclara6a company.- Notwithstanding zLny'thing

contained in the Companies Act,-

(") a modarabo company managing a modaraba shall neither initiate itsvoluntary winding up nor file a petition for its winding up ur css-

(i) all modarabas managed by it have either been transl'erred orwound up; and

(ii) it has satisfied the Registrar in the manner as it deems fit thatit has settled all outstanding claims and liabilities and has

obtained prior approval of the Regishar which ma;,, in the

interest of the public or interest of investors or modarabttcertificate holders, impose such conditions as ir. deemsappropriate; and

(iii) it has been deregistered as a modaraba comcany inaccordance with the provisions of this Ordinance;

q

(b) the Tribunal may refuse to entertain petition for winding up of amodaraba company, if the Tribu.nals is satisfied that-

(i) requirements ofclause (a) have not been fulfilled;

(ii) petitioner intends to avoid or prejudice investigation ofoffences under this Ordinance; or

(iii) on any other ground the Tribunal deems fit in the facts andcircumstances of the case."-

24. Amendment of section 22, Ordinance XXXI of f 980.- In the said Ordinance,in section 22, in sub-section (1),-

(a) for the word "floated" the words "established" shall be substituted;

(b) for clause (a), the following shall be substituted, namely:-

"(a) all directors of the modaraba company shall make a declarationverified by an affidavit that they have made a full enquiry about affairsof the modaraba and, having done so, have formed the opinion that themodaraba will be able to discharge its claims and liabilities anddistribute the available assets to the holders of modaraba certificateswithin a period of three months or such extended period as may bealiowed by the Registrar on an application of the liquidator from thedate of expiry of the period fixed for the modaraba or theaccomplishment ofthe purpose of the modaraba, as the case may be;".

25. Insertion of section 22A, Ordinance XXXI of 1980.- In the said Ordinance,after section 22, amended as aforesaid, the following new section shall be inserted, namely:-

"22A. Voluntary winding up of a modaraba by its certificate holders.- Amodaraba established or floated may be wound up voluntarily by the modaraba certificateholders in the same manner and subject to the provisions applicable on a member's voluntarywinding up of a company under the Companies Act.".

26. Amendment of section 23, Ordinance XXXI of 1980.- In the said Ordinance,in section 23,-

(a) in sub-section (1), in clause (ii),-

(i) for sub-clause (b), the following shall be substituted, namely:-

"(b) the accumulated losses of the modaraba exceed fifty per cent ofthe modaraba fund; and

(ii) after sub-clause (b), substituted as aforesaid, the following newsub-clause shall be inserted, namely:-

"(ba) the modaraba has suffered net loss for three consecutiveyears;"; and

(b) for sub-sections (2) and (3), the following shall be substituted, namely:-

"(2) For the purpose of grounds provided in clause (ii) ofsub-section (1), the Registrar may make an application to the Tribunal forwinding tp of a modaraDa on receipt of the report of enquiry, inspectionor investigation, as the case may be.

(3) No application shall be made by the Registar under this section

unless it is in the best interest of the modaraba certificate holders and

without giving the modaraba company ar opportunity of being heard.".

lo'27. Amendment of section 27, Ordinance XXXI of 1980.- In the said (hdinanc:r,

in section 27,-

(a) jn sub-section (1), the words "in consultation with thg Registrar" shall beomitted;

(b) jn sub-section (3), for the word "winding up"'the words "liquida.ion" shz,.:l

be substituted; and

(c) :.n sub-section (5), for the figure "20" the frgure "19" shall be subslituted;

28. Amendment of section 31, Ordinance XXXI of 1980.- In the said ()rdinance,

in section 3 l,-

(a) :in sub-section (1),-

r:i) for the expression "section 4, 10" the expression "sections z;, 8," shallbe substituted; and

,:iD fbr the wortls "five hundred thousand rupees" the words "or.e hundrt:dmillion Rupees or with both" shall be substituted;

(b) lor su.b-section (2), the following shall be substituted, namely:-

"'(2) Where, the contravention referred to in sub-section (l) has caused los,s'lo the modaraba certificate.holders of the modaroba or any other' llerson, alurther fine to the extent of the loss shall be imposed and such fitre shall l-.e

Jredited to the fund of the concemed modaraba:

Provided that all those persons including the chief executive,, directolsnnd officers convicted under this section shali not be entitled to b<:nefit frornthe fine imposed and credited under this sub-section.".

29. Subslitution of section 32, Ordinance XXXI of 1980.- In the said ()r'dinancr:,

for section 32, the following shall be substituted, namely:-

"32. Penalties.- (1) If any person-

(u) refuses or fails to furnish any document, retum or informaLion whir':hhe is required to furnish by or under this Ordinance; or

(b) refuses to comply with provisionsspecified by the Registrar; or

of prospectus or conditio::Ls

(") obsfiucts or contravenes, or does not compiy with, any order ordirection of the Registrar or the Commission in the perfcrmance ofhis duties under this Ordinance; or

(d) contravenes, or otherwise fails to comply with, any provision of tt,:Ls

Ordinance or the rules or regulations,

the Rr:gistrar or the Commission, as the case may be, may if satisfied after givurgthe person an opportunity of being heard by order direot that-

(i) in case of an individual, chairman, chief executive c,r director,pay such sum which may extend to one hundred millior Rupees;and

(iD in case of modaraba company, pay such sum vrhich nray extendto two hundred million Rupees and in case of a continuingdefault, a further sum calculaled at a rate not exceeding o-Le

*u-thousand Rupees for every day after the issue of such orderduring which the refusal, failure or contravention continues.".

(2) Any person aggrieved by an order of Registrar passed undersub-section (l) may, within thirty days of such order, prefer an appeal to theCommission. ".

30. Substitution of section 33, Ordinance XXXI of 1980.- In the said Ordinance,lor section 33, the following shall be substituted, namely:-

"33. Liability of chairman, chief executive or a director of a company.-Where the person guilty of an offence under this Ordinance is a company or bodycorporate, every director, manager or other officer or its chief executiveresponsible for conduct of its affairs shall, unless he proves that the offence wascommitted without his knowledge or that he exercised all diligence to prevent itscommission, be deemed to be guilty of the offence.

(2) Any sum directed to be paid under section 32 shall be recoverableunder section 42B ofthe Act-

(3) No prosecution for an offence against this Ordinance or the rules shallbe instituted in respect of the same facts on which a penalty has been imposedunder section 32.".

31. Amendment of section 36, Ordinance XXXI of f980.- In thg said Ordinance,in section 36,-

(a) in sub-section (i), for the words "any director or officer" the expression", its chairman, chief executive or any of its directors or officers" shall be

substituted; and

(b) in sub-section (2), for the words "or its directors and officers" the expression", its chairman, chief executive or any of its directors or officers" shall be

substituted.

32. Insertion of sections 36A and 368, Ordinance XXXI of 1980.- In the said

Ordinance, after section 36, amended as aforesaid, the following new sections shall be

inserted, namely:-

..PART VIMISCELLANEOUS

36,{. Restriction on merger or amalgamation of moclaraba.-

Notwithstanding anlthing contained in the Companies Act, no modaraba shall be

merged or amalgamated into another modaraba or any other entity and vice versa

unless it has obtained no objection certificate from the Registrar in writing to such

merger or amalgamation, before initiating any action for the purpose.

368. Destruction of documents.- Any person who destroys, falsifies,

conceals or disposes ofor causes or permits the destruction, falsification, concealment

or disposal of any docurnent which he knows or ought to know is relevant to an

enquiiy under section 21 or any other document from record of the modaraba

company or the modarabc shall cornmit an offence punishable with imprisonment ofeither description for a term which may extend to three years and with fine which may

extend to fiftY million RuPees.".

33.Amendmentofsection3?,ordinanceXXXIoflgS0.-Inthesaidordinance,in section 37, for the expression "1979 (XXXI of 1979)", the expression "2001 (KLIX of

2001)" shall be substituted-

_t2-34. Amendment of section 39, Ordinance XXXI of f 980.- ln the said O:dinance.

in section 39, after the word and comma "may,", the words "in consultation u,ith thr'Commission and" shall be inserted.

35. Insertion of sections 40A,408 and 40C, Ordinance XXXI of 1980.-- In tht;said Ordinance, after section 40, the following new sections shall be inserted, namell':-

"40A. Registration of mortgage, charge or pledge.- (l) A modaraba compan)'whiclr creates mortgage, charge or pledge on the property or assets of moc'araba o,;

any of its undertakings or both must file with the Registrar for registration thespecihed particulars of such mortgage, charge or pledge, within thirty days from thedate of creation, together with the instument through *'hich the mortgage, ;harge orpledge is created or evidenced in such form and manner as may be specified.

(2) All the provisions of the Companies Act relating to the creation.modification or satisfaction of mortgage, charge or pledge shall mutatis nxutandi\appll' to the mortgage, charge or pledge created by a modaraba.

408. Fees.- (1) There shall be paid in respecl of the several mattersrmentioned in the First Schedule the several fees specified therein.

(2) All fees paid in pursuance of this Ordinance shall bb accounted for tc,

the Clommission.

(3) Any document required or authorized by this Ordinance to be filed b1'

a modarqba company with the Registrar shall not be deenred to have been so filecluntil the fee payable in respect thereof has been duly paid and either the originalreceipt or otler proof acceptable to the Registrar has been furnished to it.".

36. Amendment of section 41, Ordinance XXXI of 1980.- In the said ()rdinancu.

in section 41, for sub-section (2), the following shall be substituted, namely:-

*(2) The power to make rules under this section shall be subj :ct to thecondition of previous publication and before making any rules, the draft tht:reof shallbe published in the official Gazette and also be piaced on the webs;.te of thr:

Commission for eliciting public opinion thereon within the period of not less thar.r

thirty days starting from the date of its placement on the website.".

37, Amendment of section 4lA, Ordinance XXXI of 1980.- In the said Ordinancc,in section 4 l,-

(a) in sub-section (1),-

(i) the expression "(1)", occurring first, shall be omitted; and

(ii) after the word "Commission", occurring for the second time, the

expression ", including placement of the draft thereof on its rvebsite,"shall be inserted; and

('b) sub-section (2) shall be omitted.

38. Insertion of section 41C, Ordinance XXXI of 1980.- In the said t)rdinance,after sectiorr 41B, the following new section shall be inserted, namely:-

"41C. Powcr to amend schedules.- The Commission may, by notification in tne

official Gazette, amend or add to any ofthe tables, regulations, requiremenls, forms aurd

other provisions contained in any of the schedules and such alterations or additions shallhave eflect as if enacted in this Ordinance and shall come into force on the Cate of the

notification, unless the notification otherwise directs.".

t3

39. Insertion of Schedule, Ordinance XXXI of 1980.- In the said Ordinance, aftersection 43, amended as aforesaid, the following Schedules shall be added, namely:-

"THE FIRST SCHEDULEfsee ,rection 2(1(k)), 6(1A),8(3), 408)l

Scale of fees

THE SECOND SCIIEDUI,Esee section l8

SH.AR.E OF PROFIT OF MADARABA COMPAI',IY

S. No. Return on average equity Share of profrt (7o of net profit)

(1) a) (3)

I Up to 3Y. 15Yo

2 Higher than 3Y, but trp to )ok t8v"3 Higher than 50% 20Y.

Explonations.-

l. "Return on average equity" mears percentage of net profit to average equity

before charging share of profit.

2. "Average equity" means the average of equity on the first day and the last day

of the financial year of the modarabo-

3_ In case the average equity of lhe modaraba is negative, the share of profit ofthe modaraba company shall not exceed 1 5olo of net proht of the modaraba'" '

S

No.Name of statues, rules, regulations, etc, Nature and amount of fee

(1) (2) (3)I Application for registration of modaraba compaty

(non-refundable)Rs. 100,000

2 Application for authorization to establish modaraba(non-refundable fee)

0.25olo of the rlominal amonnt

3 For filing, recording or registering any fact ordocument or fact required to be filed rvith, recorded byor registered with Registrar

Rs. I ,000 for each document

4 For filing, registering and recording document relatingto a mortgage or charge required under the Ordinance

Rs.7,500

5 For application for enquiry Rs.2,0006 For claim against modaraba company by modaroba

cefiificate holders referred to the TribunalRs. 2,000

7 For any other application before tl.re Tribunal otherthan an application by Registrar or before theRegistrar by any person

Rs.2,000

Rs. 2008 For inspection of records9 For cerlified copy of any document or extract thereof At the rate of Rs. 20 per page or

part thereof subject to aminimum of Rs. 100.

t+-

STATEMENT OF OBJECTS AND REASONS

Subject:- BILL TO FURTHER AMEND MODARABA COMPANIEI} ANDMODARABA (FLOTATION AND CONTROL ) ORDINANCE I 980.

'Ihe proposed Modaraba Companies & Modaraba (Floatation an<l Control)

Ordinance, (Amendment) Bill, 2020 intends to amend more than forty years olrl

Ordinance and regulate the business of Modarabas and Modaraba Companies to provi<ie

protection to the investors, modaraba certificate holders and public. Th: existing

Modaraha Clompanies alrd Modaraba (Floatation and Control) Ordinance, 1980 (XXXI ,rf

191t0) ("the Ordinance") was promulgated by the Federal Govemment in 198(t. Since il.s

inception, no substantial changes have so far been introduced except inclusicn of sonre

administrative powers for the Commission and the Registrar Modaraba in the ye ar' 2012.

2. The Bill focuses on the growth ofthe modaraba sector tfuough introduction of

various reforms such as the concept of establishment ofunlisted modaraba, em powerment

of the certillcate holders through introduction of the concept of annual general nteeting r.o

ensure maiimum participation of certificate holders in decision making process of a

modarzba and providing enabling environment for ease ofdoing business. It will facilitate

the groMh of economy in general and the Islamic financial sector in pa.rticular by

providing simplified procedures for ease of starting and doing business, greater protection

of investors and augment corporatization in the country.

3. The proposed Bill seeks to mitigate the reputational and operational risks and

enhance the image and operational framework of modarabas as a pure Islamic financial

institution ofthe country. The Bill aims to enhance SECP oversight and bring operational

t'lexibilities for the Modaraba Sector.

4. In order to give immediate impetus to the Islamic financial indrrstry and to

stimulate economic groMh, there is an emergent need to promulgate the proposed

Modaraba Bill,2O2O to provide incentives to entrepreneur- and prospective investors to

invest and carry out their businesses under the umbrella ofregulated structure ol modaruba

to earn halal profits on their investments.

5. The Bill is designed to achieve the aforesaid purpose

,'i ,,t.. ,. ., ,'.r- ' -.

(Dr. Abdul Hafeez Shaikh)Advisor to PM on Finance &

Revenue

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