Scenario
A loan provided company limited by shares named “ABC (private) Ltd.” was established on 15th March, 2001, with registered office situated in Lahore under section 16 of Companies Ordinance 1984. At the time of establishment, a memorandum of association (MOA) was signed with mutual consent of promoters in which the objectives of the company was to provide all kind of loan facilities (i.e. car loans, home loans, short & long term business loans etc. ) at competitive market interest rates to both of its corporate and household clients. After a half decade, the company conducted a customer survey about financial services. They realized that the most of customers to whom they are providing services currently, also want vault services for their important documents and precious goods.
After analyzing the results of survey, ABC (Pvt.) Ltd. started to provide vault services for their clients which were not the true reflection of the objectives of company enlisted in MOA at the time of establishment.
Required:
Identify what kind of violation the company had made according to Companies Ordinance 1984. Your answer must be confined in two to three lines.
A loan provided company limited by shares named “ABC (private) Ltd.” was established on 15th March, 2001, with registered office situated in Lahore under section 16 of Companies Ordinance 1984. At the time of establishment, a memorandum of association (MOA) was signed with mutual consent of promoters in which the objectives of the company was to provide all kind of loan facilities (i.e. car loans, home loans, short & long term business loans etc. ) at competitive market interest rates to both of its corporate and household clients. After a half decade, the company conducted a customer survey about financial services. They realized that the most of customers to whom they are providing services currently, also want vault services for their important documents and precious goods.
After analyzing the results of survey, ABC (Pvt.) Ltd. started to provide vault services for their clients which were not the true reflection of the objectives of company enlisted in MOA at the time of establishment.
Required:
Identify what kind of violation the company had made according to Companies Ordinance 1984. Your answer must be confined in two to three lines.
Idea Solution:-
The violation that company had made according to companies ordinance 1984 is that ABC (Pvt) Ltd offered vault service to their clients which were not match the objectives of the company enlisted in MOA at the time of establishment. That violates the section 16(a) of the companies ordinance 1984.
Another:-
Memorandum of association
The memorandum of association of a company, often simply called the memorandum (and then often capitalized as an abbreviation for the official name, which is a proper noun and usually includes other words), is the document that governs the relationship between the company and the outside
Ultra Wires
A legal term literally meaning "beyond power." The acts of a corporation are "ultra vires" when they are beyond the power of the corporation as regulated by the state in which the corporation is chartered.
The violation that company had made according to companies ordinance 1984 is that ABC (Pvt) Ltd offered vault service to their clients which were not match the objectives of the company enlisted in MOA at the time of establishment. That violates the section 16(a) of the companies’ ordinance 1984
The memorandum of association of a company, often simply called the memorandum (and then often capitalized as an abbreviation for the official name, which is a proper noun and usually includes other words), is the document that governs the relationship between the company and the outside
Ultra Wires
A legal term literally meaning "beyond power." The acts of a corporation are "ultra vires" when they are beyond the power of the corporation as regulated by the state in which the corporation is chartered.
The violation that company had made according to companies ordinance 1984 is that ABC (Pvt) Ltd offered vault service to their clients which were not match the objectives of the company enlisted in MOA at the time of establishment. That violates the section 16(a) of the companies’ ordinance 1984
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