ISLAMABAD: The joint sitting of the Parliament on Friday passed Modarba Companies and Modarba (Floatation and Control) Amendment Act 2009 to protect the rights of certificate holders.
Approving addition of two more sections in the existing Ordinance, the joint sitting approved some powers for the Registrar to protect the rights of certificate holders.
The provision says, "notwithstanding anything contained in any other provision of this Ordinance, where the Registrar is satisfied that it is necessary and expedient, he can issue directives to a modarba company in public interest; to prevent the affairs of any modarba from being conducted in a manner detrimental to the interest of holders of modarba certificates; or to secure the proper management of any modarba generally. The modarba company and its management shall be bound to comply with such directions."
Another section added to already existing Ordinance states that the Commission may, by notification in official gazette, make such regulations as are necessary to carry out the purposes of this Ordinance.
The powers to make regulations conferred by this section shall be subject to the condition of previous publication and before making any regulations the draft thereof shall be published in the manner considered most appropriate by the Commission eliciting public opinion thereon within a period of not less than 14 days for the date of publication.
Moreover, a contravention thereof shall be punishable with a fine which may extend to Rs 100,000 and where the contravention is a continuing one, with a further fine which may extend to Rs 1000 for every day after the first during which such contravention continues.
Under the new law, the Commission may issue directives, circulars, codes, guidelines or notifications as are necessary to carry out the purposes of this Ordinance and the rules and regulations made thereunder.
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