Companies registered under companies’ ordinance, 1984 can be classified into following categories by virtue of articles of association:
As per the provisions of companies’ ordinance, 1984 private limited companies are defined as:
A private limited company is the company which restricts the right to the transfer the shares if any
Private Limited company restricts the maximum number of members to be fifty.
Private Limited Company prohibits any kind of invitation to general public to subscribe for its any shares and pay any amount to the company in that respect.
A company other than a company registered as private limited company is called public limited company. Companies’ ordinance defined certain conditions for public limited companies which are as under:
A company registered as public limited company does not impose any restrictions on the number of members that the company can have.
A Public company is a company which does not impose any restriction on the right of transfer of its shares.
Public company does not impose any restriction on the invitation to general public to subscribe for its shares and pay any amount in respect of that subscription.
A public company can be further classified into two categories:
Listed company is the company which has its shares listed on any stock exchange. In Pakistan at the moment companies are listed on three stock exchanges of the country namely Karachi Stock Exchange, Lahore Stock Exchange and Islamabad Stock Exchange.
Unlisted Public companies are those companies whose shares are not listed on any stock exchange of the country and these type of companies are not allowed to trade their shares through stock exchange.
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