According to the SECP, the Registrar Modaraba hereby delegates the powers and functions under the Ordinance and the Modaraba Companies and Modaraba Rules, 1981 (the Rules) to the officer, subject to such limitations, restrictions or conditions as specified herein and as he may from time-to-time impose, namely:-
Powers and functions of the Registrar Modaraba delegated to Joint Director Supervision and Enforcement Department, Specialised Companies Division, included powers to call information/documents with regard to annual audited accounts of a Modaraba.
Powers and Functions of the Registrar Modaraba delegated to Joint Director Supervision and Enforcement Department, Specialised Companies Division, included order an inquiry into the affairs of a Modaraba company or a Modaraba on his own motion, or on receipt of application from the certificate holders.
Other powers granted to the Joint Director Supervision and Enforcement Department, Specialised Companies Division, also included enforce attendance of a person and examine him; and compel the discovery and production of documents.
Powers also included to lay down, receive and examine all reports, accounts and other documents referred to in section 14 and to pass orders for and receive such additional documents or reports or information as may be considered necessary; examine annual accounts and quarterly accounts received by him and return the deficient document for compliance, revision or correction and allow a representative of the Modaraba company to rectify or complete annual accounts and quarterly accounts.
Other powers granted to the Joint Director Supervision and Enforcement Department, Specialised Companies Division, also included to call various fees as prescribed under 2nd Schedule to the Rules, issue acknowledgement of filing of annual accounts and quarterly accounts, and maintain the annual and quarterly accounts in the manner provided under this rule.
Powers have also been given to make endorsement on the annual and quarterly accounts, the particulars as specified under this rule and sign, and affix his official seal, to every such endorsement; maintain a register of Modaraba companies and a register of Modarabas and to enter therein the information relating to filing of annual and quarterly accounts in the manner as specified under sub-rules 8, 9 & 10 of rule 3 and permit members of the public to inspect such registers and annual and quarterly accounts maintained under sub-rules 8, 9 & 10 of rule 3. The powers and functions delegated to the aforesaid officer shall be exercised concurrently by the Registrar Modaraba.