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In Pakistan, Companies
Ordinance 1984 provide guideline regarding business of companies but in this
ordinance we cannot found any specific and detail work about definition of
promoter. Pakistan’s company law is silent about this and there is jurisprudence
to clarify the definition and role of promoter in the formation of the company.
According to Section 30 of Companies Ordinance 1984, if a person (promoter)
want to register a company he (promoter) must prepare and file certain
documents (detail given in ordinance) with fees and stamp duties to the
Registrar in the province or the part of Pakistan not forming part of a
province, as the case may be, in which the registered office of the company is
stated by the memorandum to be situated. As issue highlighted in Task A about
the deficiencies regarding definition of promoter, Pakistan’s company law have
the same deficiencies in the Company Ordinance 1984. There have been
considerable changes in company law in the last few years and these changes
have put more responsibility on the shoulders of the directors. A company has
to comply with a lot of procedures as covered under the companies act listing
agreements, SEBI act and the regulations. Moreover, the corporate governance is
actively being implemented in various corporate houses and it going to be
compulsory by the government in a phased manner. In brief, if a promoter signed the
contract as a mediator on behalf of the proposed employer, the promoter is in
my opinion responsible under the common law. The promoter signed the contract
as a important for the advantage of a Pakistan company; the promoter won’t be
in my view accountable to provided satisfied conditions for be part of them.
The object of the settlement need to be to at ease a few advantage for the imprecise
organization. The gain may additionally carry with it a few regular duty. if
so, a organization cannot take the gain with out the conforming requirement. If
a corporation stated and understand the advantage then it need to tell the
promisor. On such statement, the contract is essential on each the events: the
business enterprise and the promisor.

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