Definition of Public Company

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Public company means:

  1. a company in which not less than fifty per cent of the shares are held by the Federal Government *[or Provincial Government];
  2. ** a company in which ***[not less than fifty per cent of the] shares are held by a foreign Government, or a foreign company owned by a foreign Government ****[;]]
  3. a company whose shares were traded on a registered stock exchange in Pakistan at any time in the tax year and which remained listed on that exchange *****[ ] at the end of that year;
  4. ******a unit trust whose units are widely available to the public and any other trust as defined in the Trusts Act, 1882 (II of 1882);]

 


*Inserted by the Finance Act, 2003.
**Inserted by the Finance Act, 2003.
***Inserted by the Finance Act, 2005.
****The full stop substituted by the Finance Act, 2005.
*****The words “and was on the Central Depository System,”omitted by the Finance Act, 2002.
******Clause (d) substituted by the Finance Act, 2003. The substituted clause (d) read as follows:
“(d) a unit trust whose units are widely available to the public and any other public trust”

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