"Financial Accounting II (MGT401)"
This is to inform that your 2nd Graded Discussion Board (GDB) covering Lecture # 1 to Lecture # 34 Times New Roman]will be opened according to the following schedule
GDB Schedule
Opening Date and Time: 17th Jan, 2011 At 12:01 A.M. (Mid-Night)
Closing Date and Time: 19th Jan, 2011 At 11:59 P.M. (Mid-Night)
Topic/Area for Discussionn
"Memorandum of Association (MOA)"
Note:The discussion question will be from the area/topic mentioned above. So start learning about the topic now.
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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.
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