Companies Act, 2017 (2017)

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Legal status

In force

Effective date

2017-05-30

Sections

527

Section 1: Short title, extent and commencement
Section 2: Definitions.—(
Section 3: Application of Act to non-trading companies with purely provincial objects
Section 4: Act to override
Section 5: Jurisdiction of the Court and creation of Benches
Section 6: Procedure of the Court and appeal
Section 7: Powers and functions of the Commission
Section 8: Reference by the Federal Government or Commission to the Court
Section 9: Obligation to register certain associations, partnerships as companies
Section 10: Prohibition of certain names
Section 11: Rectification of name of a company
Section 12: Change of name by a company
Section 13: Registration of change of name and effect thereof
Section 14: Mode of forming a company
Section 15: Liability for carrying on business with less than three or, in the case of a private
Section 16: Registration of memorandum and articles
Section 17: Effect of memorandum and articles
Section 18: Effect of registration
Section 19: Commencement of business by a public company
Section 20: Consequences of non-compliance of section 19
Section 21: Registered office of company
Section 22: Publication of name by a company
Section 23: Omitted(repealed)
Section 24: Penalties for non-publication of name
Section 25: Publication of authorised as well as paid-up capital
Section 26: Business and objects of a company
Section 27: Memorandum of company limited by shares
Section 28: Memorandum of company limited by guarantee
Section 29: Memorandum of unlimited company
Section 30: Borrowing powers to be part of memorandum
Section 31: Memorandum to be printed, signed and dated
Section 32: Alteration of memorandum
Section 33: Powers of Commission when confirming alteration
Section 34: Exercise of discretion by Commission
Section 35: Effect of alteration in memorandum or articles
Section 36: Registration of articles
Section 37: Articles to be printed, signed and dated
Section 38: Alteration of articles
Section 39: Copies of memorandum and articles to be given to members
Section 40: Alteration of memorandum or articles to be noted in every copy
Section 41: Form of memorandum and articles
Section 42: Licencing of associations with charitable and not for profit objects
Section 43: Effect of revocation of licence
Section 44: Penalty
Section 45: Provision as to companies limited by guarantee
Section 46: Conversion of public company into private company and vice-versa
Section 47: Conversion of status of private company into a single-member company and vice
Section 48: Conversion of status of unlimited company as limited company and vice-versa
Section 49: Conversion of a company limited by guarantee to a company limited by shares and
Section 50: Issue of certificate and effects of conversion
Section 51: Power of unlimited company to provide for reserve share capital on conversion of
Section 52: Consequence of default in complying with conditions constituting a company a private
Section 53: Service of documents on a company
Section 54: Service of documents on Commission or the registrar
Section 55: Service of notice on a member
Section 56: Authentication of documents and proceedings
Section 57: Prospectus
Section 58: Classes and kinds of share capital
Section 59: Variation of shareholders’ rights
Section 60: Numbering of shares
Section 60A: Prohibition on issuance of bearer shares or bearer shares warrants, etc.
Section 61: Nature of shares or other securities
Section 62: Shares certificate to be evidence
Section 63: Issue of debentures
Section 64: Payment of certain debts out of assets subject to floating charge in priority to claims
Section 65: Powers and liabilities of trustee
Section 66: Issue of securities and redeemable capital not based on interest
Section 67: Application for, and allotment of, shares and debentures
Section 68: Repayment of money received for shares not allotted
Section 69: Allotment of shares and other securities to be dealt in on securities exchange
Section 70: Return as to allotments
Section 71: Limitation of time for issue of certificates
Section 72: Issuance of shares in book-entry form
Section 73: Issue of duplicate certificates
Section 74: Transfer of shares and other securities
Section 75: Board not to refuse transfer of shares
Section 76: Restriction on transfer of shares by the members of a private company
Section 77: Notice of refusal to transfer
Section 78: Transfer to successor-in-interest
Section 79: Transfer to nominee of a deceased member
Section 80: Appeal against refusal for registration of transfer
Section 81: Application of premium received on issue of shares
Section 82: Power to issue shares at a discount
Section 83: Further issue of capital
Section 83A: Employees’ stock options.
Section 84: Prohibition on acceptance of deposits from public
Section 85: Power of company to alter its share capital
Section 86: Prohibition of purchase by company or giving of loans by it for purchase of its shares
Section 87: Subsidiary company not to hold shares in its holding company
Section 88: Power of a company to purchase its own shares
Section 89: Reduction of share capital
Section 90: Objection by creditors and settlement of list of objecting creditors
Section 91: Power to dispense with consent of creditor on security being given for his debt
Section 92: Order confirming reduction
Section 93: Registration of order of reduction
Section 94: Liability of members in respect of reduced shares
Section 95: Penalty on concealment of name of creditor
Section 96: Publication of reasons for reduction
Section 97: Increase and reduction of share capital in case of a company limited by guarantee
Section 98: Limited company may have directors with unlimited liability
Section 99: Special resolution of limited company making liability of directors unlimited
Section 100: Requirement to register a mortgage or charge
Section 101: Particulars in case of series of debentures entitling holders pari passu
Section 102: Register of charges to be kept by registrar
Section 103: Index to register of mortgages and charges
Section 104: Endorsement of certificate of registration on debenture or certificate of debenture
Section 105: Duty of company and right of interested party as regards registration
Section 106: Modification in the particulars of mortgage or charge
Section 107: Copy of instrument creating mortgage or charge to be kept at registered office
Section 108: Rectification of register of mortgages
Section 109: Company to report satisfaction of charge
Section 110: Power of registrar to make entries of satisfaction and release in absence of intimation
Section 111: Punishment for contravention
Section 112: Company’s register of mortgages and charges.—(
Section 113: Registration of appointment of receiver or manager
Section 114: Filing of accounts of receiver or manager
Section 115: Disqualification for appointment as receiver or manager
Section 116: Application to Court
Section 117: Power of Court to fix remuneration of receiver or manager
Section 118: Members of a company
Section 119: Register of members
Section 120: Index of members
Section 121: Trust not to be entered on register
Section 122: Register of debenture-holders
Section 123: Index of debenture-holders
Section 123A: Record of ultimate beneficial owner.
Section 124: Rights to inspect and require copies
Section 125: Power to close register
Section 126: Power of Court to rectify register
Section 127: Punishment for fraudulent entries in and omission from register
Section 128: Notice to registrar of rectification of register
Section 129: Register to be evidence
Section 130: Annual return
Section 131: Statutory meeting of company
Section 132: Annual general meeting
Section 133: Calling of extra-ordinary general meeting
Section 134: Provisions as to meetings and votes
Section 135: Quorum of general meeting
Section 136: Power of the Court to declare the proceedings of a general meeting invalid
Section 137: Proxies
Section 138: Representation of body corporate or corporation at meetings
Section 139: Representation of Federal Government at meetings of companies
Section 140: Notice of resolution
Section 141: Voting to be by show of hands in first instance
Section 142: Declaration by chairman on a show of hands
Section 143: Demand for poll
Section 144: Poll through secret ballot
Section 145: Time of taking poll
Section 146: Resolutions passed at adjourned meeting
Section 147: Power of Commission to call meetings
Section 148: Punishment for default in complying with provisions of section 147
Section 149: Passing of resolution by the members through circulation
Section 150: Filing of resolution
Section 151: Records of resolutions and meetings
Section 152: Inspection of records of resolutions and meetings
Section 153: Ineligibility of certain persons to become director
Section 154: Minimum number of directors of a company
Section 155: Number of directorships
Section 156: Compliance with the Code of Corporate Governance
Section 157: First directors and their term
Section 158: Retirement of first and subsequent directors
Section 159: Procedure for election of directors
Section 160: Powers of the Court to declare election of directors invalid
Section 161: Term of office of directors
Section 162: Fresh election of directors
Section 163: Removal of directors
Section 164: Nominee directors
Section 165: Certain provisions not to apply to directors representing special interests
Section 166: Manner of selection of independent directors and maintenance of databank of
Section 167: Consent to act as director to be filed with company
Section 168: Validity of acts of directors
Section 169: Penalties
Section 170: Restriction on director's remuneration
Section 171: Vacation of office by the directors
Section 172: Disqualification orders
Section 173: Personal liability for company’s debts where person acts while disqualified
Section 174: Prohibition on assignment of office by directors
Section 175: Penalty for unqualified person acting as director
Section 176: Proceedings of the board
Section 177: Ineligibility of bankrupt to act as director
Section 178: Records of resolutions and meetings of board
Section 179: Passing of resolution by the directors through circulation
Section 180: Liabilities of directors and officers
Section 181: Protection to independent and non-executive directors
Section 182: Loans to directors: requirement of members’ approval
Section 183: Powers of board
Section 184: Prohibition regarding making of political contributions
Section 185: Prohibition regarding distribution of gifts
Section 186: Appointment of first chief executive
Section 187: Appointment of subsequent chief executive
Section 188: Terms of appointment of chief executive
Section 189: Restriction on appointment of chief executive
Section 190: Removal of chief executive
Section 191: Chief executive not to engage in business competing with company's business
Section 192: Chairman in a listed company
Section 193: Penalty
Section 194: Public company required to have secretary
Section 195: Listed company to have share registrar
Section 196: Bar on appointment of sole purchase, sales agents
Section 197: Register of directors, officers
Section 198: Rights to inspect
Section 199: Investments in associated companies and undertaking
Section 200: Investments of company to be held in its own name
Section 201: Method of contracting
Section 202: Execution of bills of exchange, promissory notes and deeds
Section 203: Company to have official seal for use abroad
Section 204: Duties of directors
Section 205: Disclosure of interest by director
Section 206: Interest of officers
Section 207: Interested director not to participate or vote in proceedings of board
Section 208: Related party transactions
Section 209: Register of contracts or arrangements in which directors are interested
Section 210: Contract of employment with directors
Section 211: Restriction on non-cash transactions involving directors
Section 212: Declaring a director to be lacking fiduciary behaviour
Section 213: Disclosure to members of directors’ interest in contract appointing chief executive or
Section 214: Contracts by agents of company in which company is undisclosed principal
Section 215: Liability for undesired activities of the shareholders
Section 216: Company deemed to be a public interest company in certain circumstances
Section 217: Securities and deposits
Section 218: Employees’ provident funds, contributory retirement funds and securities
Section 219: Penalty for contravention of section 217 or 218
Section 220: Books of account, to be kept by company
Section 221: Inspection of books of account by the Commission
Section 222: Default in compliance with provisions of section 221
Section 223: Financial Statements
Section 224: Classification of Companies
Section 225: Contents of Financial Statements
Section 226: Duty to prepare directors’ report and statement of compliance
Section 227: Contents of directors’ report and statement of compliance
Section 228: Consolidated financial statements
Section 229: Financial year of holding company and subsidiary
Section 230: Rights of holding company’s representatives and members
Section 231: Financial Statements of modaraba company to include modaraba accounts
Section 232: Approval and authentication of Financial Statements
Section 233: Copy of Financial Statements to be forwarded to the registrar
Section 234: Omitted(repealed)
Section 235: Right of member of a company to copies of the Financial Statements and the auditor’s
Section 236: Penalty for improper issue, circulation or publication of Financial Statements
Section 237: Quarterly financial statements of listed companies
Section 238: Power of Commission to require submission of additional statements of accounts and
Section 239: Rights of debenture-holders to obtain copies of financial statements
Section 240: Certain restrictions on declaration of dividend
Section 241: Dividend to be paid only out of profits
Section 242: Dividend not to be paid except to registered shareholders
Section 243: Directors not to withhold declared dividend
Section 244: Unclaimed shares, modaraba certificates and dividend to vest with the Federal
Section 245: Establishment of Investor Education and Awareness Fund
Section 246: Appointment, removal and fee of auditors
Section 247: Qualification and disqualification of auditors
Section 248: Auditors’ right to information
Section 249: Duties of auditor
Section 250: Audit of cost accounts
Section 251: Signature of auditor’s report
Section 252: Penalty for non-compliance with provisions by companies
Section 253: Penalty for non-compliance with provisions by auditors
Section 254: Power of registrar to call for information or explanation
Section 255: Seizure of documents by registrar, inspector or investigation officer
Section 256: Investigation into affairs of company
Section 257: Investigation of company’s affairs in other cases
Section 258: Serious Fraud Investigation
Section 259: Inspector to be a Court for certain purposes
Section 260: Power of inspectors to carry investigation into affairs of associated companies
Section 261: Duty of officers to assist the inspector
Section 262: Inspector’s report
Section 263: Prosecution
Section 264: Power of Commission to initiate action against management
Section 265: Effect of Court’s order
Section 266: No compensation to be payable for annulment or modification of contract
Section 267: No right to compensation for loss of office
Section 268: Application for winding up of company or an order under section 286
Section 269: Proceedings for recovery of damages or property
Section 270: Expenses of investigation
Section 271: Inspector's report to be evidence
Section 272: Imposition of restrictions on shares and debentures and prohibition of transfer of
Section 273: Saving for legal advisers and bankers
Section 274: Enquiries and investigation not to be affected by winding up
Section 275: Application of sections 254 to 274 to liquidators and foreign companies
Section 276: Mediation and Conciliation Panel
Section 277: Resolution of disputes through mediation
Section 278: Power for companies to refer matter to arbitration
Section 279: Compromise with creditors and members
Section 280: Power of Commission to enforce compromises and arrangements
Section 281: Information as to compromises or arrangements with creditors and members
Section 282: Powers of Commission to facilitate reconstruction or amalgamation of companies
Section 283: Notice to be given to registrar for applications under section 279 and 282
Section 284: Amalgamation of wholly owned subsidiaries in holding company
Section 285: Power to acquire shares of members dissenting from scheme or contract
Section 286: Application to Court
Section 287: Powers of Court under section 286
Section 288: Interim order
Section 289: Claim for damages inadmissible
Section 290: Application of certain sections to proceedings under this Part
Section 291: Management by Administrator
Section 292: Rehabilitation of sick public sector companies
Section 293: Modes of winding up
Section 294: Liability as contributories of present and past members
Section 295: Liability of directors whose liability is unlimited
Section 296: Liability of Contributory having fully paid share
Section 297: Nature of liability of contributory
Section 298: Contributories in case of death of member
Section 299: Contributory in case of insolvency of member
Section 300: Contributories in case of winding up of a body corporate which is a member
Section 301: Circumstances in which a company may be wound up by Court
Section 302: Company when deemed unable to pay its debts
Section 303: Transfer of proceedings to other Courts
Section 304: Provisions as to applications for winding up
Section 305: Right to present winding up petition where company is being wound up voluntarily or
Section 306: Commencement of winding up by Court
Section 307: Court may grant injunction
Section 308: Powers of Court on hearing petition
Section 309: Copy of winding up order to be filed with registrar
Section 310: Suits stayed on winding up order
Section 311: Court may require expeditious disposal of suits
Section 312: Effect of winding up order
Section 313: Power of Court to stay winding up
Section 314: Court may ascertain wishes of creditors or contributories
Section 315: Appointment of official liquidator
Section 316: Removal of official liquidator
Section 317: Remuneration of official liquidator
Section 318: Style and title of official liquidator
Section 319: General provisions as to liquidators
Section 320: Statement of affairs to be made to official liquidator
Section 321: Report by official liquidator
Section 322: Court directions on report of official liquidator
Section 323: Settlement of list of contributories and application of assets
Section 324: Custody of company's properties
Section 325: Power to require delivery of property
Section 326: Power to summon persons suspected of having property of company
Section 327: Power to order public examination of promoters, directors
Section 328: Power to arrest absconding contributory
Section 329: Power to order payment of debts by contributory
Section 330: Power of Court to make calls
Section 331: Power to order payment into bank
Section 332: Regulation of account with Court
Section 333: Order on contributory conclusive evidence
Section 334: Power to exclude creditors not proving in time
Section 335: Adjustment of rights of contributories
Section 336: Power to order costs
Section 337: Powers and duties of official liquidator
Section 338: Liquidator to keep books containing proceedings of meetings
Section 339: Liquidator’s account
Section 340: Exercise and control of liquidator’s powers
Section 341: Distribution by official liquidator
Section 342: Dissolution of company
Section 343: Saving of other proceedings
Section 344: Power to enforce orders
Section 345: Order made by any Court to be enforced by other Courts
Section 346: Mode of Dealing with Orders to be enforced by other Courts
Section 347: Circumstances in which company may be wound up voluntarily
Section 348: Commencement of voluntary winding up
Section 349: Effect of voluntary winding up on status of company
Section 350: Notice of resolution to wind up voluntarily
Section 351: Declaration of solvency in case of proposal to wind up voluntarily
Section 352: Distinction between members and creditors voluntary winding up
Section 353: Appointment of liquidator
Section 354: Power to fill vacancy in office of liquidator
Section 355: Notice by liquidator of his appointment
Section 356: Power of liquidator to accept shares as consideration for sale of property of
Section 357: Duty of liquidator where company turns out to be insolvent
Section 358: Duty of liquidator to call general meetings
Section 359: Final meeting and dissolution
Section 360: Alternative provisions as to annual and final meetings in case of insolvency
Section 361: Provisions applicable to creditors’ voluntary winding up
Section 362: Meeting of creditors
Section 363: Appointment of liquidator
Section 364: Fixing of liquidator’s remuneration
Section 365: Cessation of boards’ powers
Section 366: Power to fill vacancy in office of liquidator
Section 367: Application of section 356 to a creditors voluntary winding up
Section 368: Duty of liquidator to call meeting of company and of creditors
Section 369: Final meeting and dissolution
Section 370: Distribution of property of company
Section 371: Application of sections 320 and 321 to voluntary winding up
Section 372: Powers and duties of liquidator in voluntary winding up
Section 373: Power of Court to appoint and remove liquidator in voluntary winding up
Section 374: Notice by liquidator of his appointment
Section 375: Arrangement when binding on company and creditors
Section 376: Power to apply to Court to have questions determined or powers exercised
Section 377: Application of liquidator to Court for public examination of promoters, directors.—216
Section 378: Costs of voluntary winding up
Section 379: Saving for right of creditors and contributories
Section 380: Power of Court to adopt proceedings of voluntary winding up
Section 381: Power to order winding up subject to supervision
Section 382: Effect of petition for winding up subject to supervision
Section 383: Court may have regard to the wishes of creditors and contributories
Section 384: Power to replace liquidator
Section 385: Effects of supervision order
Section 386: Appointment of voluntary liquidator as official liquidator in certain cases
Section 387: Status of companies being wound up
Section 388: Debts of all description to be proved
Section 389: Application of insolvency rules in winding up of insolvent companies
Section 390: Preferential payments
Section 391: Avoidance of transfers
Section 392: Disclaimer of onerous property
Section 393: Fraudulent preference
Section 394: Liabilities and rights of certain fraudulently preferred persons
Section 395: Avoidance of certain attachments, executions
Section 396: Effect of floating charge
Section 397: Power of Court to assess damages against delinquent directors
Section 398: Liability for fraudulent conduct of business
Section 399: Liability under sections 397 and 398 to extend to partners or directors in firm or body
Section 400: Penalty for fraud by officers of companies which have gone into liquidation
Section 401: Liability where proper accounts not kept
Section 402: Penalty for falsification of books
Section 403: Prosecution of delinquent directors
Section 404: Penalty for false evidence
Section 405: Penal Provisions
Section 406: Liquidator to exercise certain powers subject to sanction
Section 407: Meetings to ascertain wishes of creditors or contributories
Section 408: Documents of company to be evidence
Section 409: Summary disposal of certain suits by liquidators
Section 410: Limitation
Section 411: Court fees
Section 412: Inspection of documents
Section 413: Disposal of books and papers of company
Section 414: Power of Court to declare dissolution of company void
Section 415: Information as to pending liquidations
Section 416: Payments by liquidator into bank
Section 417: Unclaimed dividends and undistributed assets to be paid to the account maintained
Section 418: Books of accounts and other proceedings to be kept by liquidators
Section 419: Application of provisions relating to audit
Section 420: Enforcement of duty of liquidator to make return
Section 421: Notification that a company is in liquidation
Section 422: Court or person before whom affidavit may be sworn
Section 423: Power to make rules
Section 424: Inactive Company
Section 425: Registrar may strike defunct company off register
Section 426: Easy exit of a defunct company
Section 427: Meaning of "unregistered company"
Section 428: Winding up of unregistered companies
Section 429: Contributories in winding up of unregistered companies
Section 430: Power to stay or restrain proceedings
Section 431: Suits stayed on winding up order
Section 432: Directions as to property in certain cases
Section 433: Provisions of this part cumulative
Section 434: Application of this Part to foreign companies
Section 435: Documents to be delivered to registrar by foreign companies
Section 436: Return to be delivered to registrar by foreign companies whose documents altered
Section 437: Accounts of foreign companies
Section 438: Certain obligations of foreign companies
Section 439: Power of the Commission to require information from foreign companies
Section 440: Service on foreign company
Section 441: Company’s failure to comply with this part not to affect its liability under contracts
Section 442: Provisions relating to names, inquiries to apply to foreign companies
Section 443: Intimation of ceasing to have place of business to be given
Section 444: Penalties
Section 445: Interpretation of provisions of this Part
Section 446: Issue of prospectus
Section 447: Restriction on canvassing for sale of securities
Section 448: Registration of charges
Section 449: Notice of appointment of receiver
Section 450: Notice of liquidation
Section 451: Certification of Shariah compliant companies and Shariah compliant securities
Section 452: Companies’ Global Register of Beneficial Ownership
Section 453: Prevention of offences relating to fraud, money laundering and terrorist financing. 253
Section 454: Free Zone Company
Section 455: Filing of documents through intermediaries
Section 456: Acceptance of advances by real estate companies engaged in real estate projects
Section 457: Agriculture Promotion Companies
Section 458: Power to give exemptions by the Federal Government
Section 458A: Measures for greater ease of doing business.
Section 459: Quota for persons with disabilities in the public interest companies
Section 460: Valuation by registered valuers
Section 461: Security clearance of shareholder and director
Section 462: Registration offices
Section 463: Production of documents kept by registrar
Section 464: Registrar not to accept defective documents
Section 465: Special return to rectify the data
Section 466: Jurisdiction in the disputes relating to shareholding and directorship
Section 467: Approval of transfer of shares by the agents licenced by the Commission
Section 468: Acceptance of documents presented after prescribed time
Section 469: Fees
Section 470: Power to specify fees chargeable by companies
Section 471: Filing of documents electronically
Section 472: Destruction of physical record
Section 473: Supply of documents, information, notices to the members electronically
Section 474: Enforcing compliance with provisions of Act
Section 475: Power of Court trying offences under Act to direct compliance with the provisions
Section 476: Offences to be cognizable
Section 477: Complaint to the court by the Commission, registrar, member or creditor in case of
Section 478: Penalty to be imposed by the Commission
Section 479: Adjudication of offences and standard scale of penalty
Section 480: Appeal against order passed by officer of the Commission
Section 481: Appeal before the Appellate Bench
Section 482: Adjudication of offences involving imprisonment
Section 483: Powers of the Commission in relation to enquiries and proceedings
Section 484: Procedure for trial of a corporate body
Section 485: Recovery of penalty
Section 486: Prosecution of offences by the Commission
Section 487: Appeal against acquittal
Section 488: Payment of compensation in cases of frivolous or vexatious prosecution
Section 489: Application of fines or penalties
Section 490: Production and inspection of books where offence suspected
Section 491: Power to require limited company to give security for costs
Section 492: Power of Court to grant relief in certain cases
Section 493: Enforcement of orders of Court
Section 494: Enforcement of orders of Court by other courts
Section 495: Protection of acts done in good faith
Section 496: Penalty for false statement, falsification, forgery, fraud, deception
Section 497: Penalty for wrongful withholding of property
Section 498: Liability of directors for allotment of shares for inadequate consideration
Section 499: Punishment for non-compliance of directive of Court
Section 500: Penalty for carrying on ultra vires business
Section 501: Penalty for improper use of word “Limited”
Section 502: Penalty where no specific penalty is provided
Section 503: Power to accord approval subject to conditions
Section 504: Delegation of powers
Section 505: Application of Act to companies governed by special enactments
Section 506: Forms
Section 507: Power to alter schedules
Section 508: Power of the Federal Government to make rules
Section 509: Repeal and savings
Section 510: Power to issue directives, circulars, guidelines
Section 511: Power of the Commission to permit use of Urdu words of abbreviations
Section 512: Power to make regulations
Section 513: Validation of laws
Section 514: Former registration offices and registers continued
Section 515: Removal of difficulty
Eighth Schedule: Eighth Schedule
Fifth Schedule: Fifth Schedule
First Schedule: First Schedule
Fourth Schedule: Fourth Schedule
Second Schedule: Second Schedule
Seventh Schedule: Seventh Schedule
Sixth Schedule: Sixth Schedule
Third Schedule: Third Schedule

Legal information only. Verify current law and obtain advice from a qualified lawyer for your circumstances.

The Companies Act, 2017