ISLAMABAD: Senate Standing Committee on Finance here on Thursday approved Companies Bill 2017 aimed at to promote corporate sector of the country.
The Committee met here with Senator Saleem H. Mandviwalla in chair and discussed the amendments in Companies Bill 2017 clause by clause in order to make it more effective for the promotion of the corporate sector.
The Committee approved the Companies Bill 2017 with finalizing the proposed 26 amendments in the draft in order to make the bill more effective for the sector.
The Committee also discussed 515 clauses of the bill in detail and proposed for appointing at least one female member in the board of directors of all public welfare companies.
The meeting also suggested for ensuring all transaction by the directors of companies through banking channel, in order to encourage the documentation of economy.
Addressing the meeting Senator Saleem Mandviwalla said that the bill was approved after a detailed discussion and incorporating the proposals and suggestion of all the stakeholder.
He said that Companies Bill 2017 would bring transparency in different sector of the national economy and safeguard the investors investment.
He appreciated the hard work and keen interest of the all members of the committee for finalizing the changes and amendments in the Bill.
Speaking on the occasion, Senator Kamil Ali Agha congratulated the committee for finalizing the Companies Bill 2017 and said that it would restore investors confidante and promote the corporate sector of the country.
He stressed the need for moving forward for bringing transparency and documentation of the economy adding that the Bill would help to overcome challenges faced by local investors.
Chairman Securities and Exchange Commission of Pakistan briefed the meeting about the Bill and said that it was aiming to promote the corporate culture in the country.
He informed that SECP has introduced many measures for educating the investors and promoting the corporate sector in the country.
The Senators, Ilyas Ahmad Bilour, Kamil Ali Agha, Mushahid Ullah Khan and Saud Majeed attended the meeting.
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