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;