Minister for Law and Justice Zahid Hamid on behalf of Minister for Finance and Revenue Mohammad Ishaq Dar moved the bill further to amend the Companies (Appointment of Legal Advisors) Act, 1974 [The Companies (Appointment of Legal Advisers) (Amendment) Bill, 2016] in the House.
The amendment was proposed by Senator Mohsin Khan Laghari.
The statement of objects and reasons of the bill says that it would ensure compliance and better regulation of the law.
The commission shall be able to take timely cognizance of the violation of the provisions of the Act, rules or regulation made there under and impose penalty.
Appeal process has also been provided.
Besides, it will also give reprieve to small companies from the mandatory requirement of appointing legal advisor.
Meanwhile, the Chairman referred the Public Private Partnership Authority Bill, 2016 to the concerned standing committee for further deliberation.
Minister for Law and Justice Zahid Hamid on behalf of the Finance Minister moved the bill.