Companies Ordinance: National Assembly body forms sub-committee for further talks

The National Assembly Standing Committee on Finance Thursday considered 'The Companies Bill, 2016' and constituted a sub-committee for further deliberations on the said Bill. During the proceedings, the committee also approved the "The Cost and Management Accountants (Amendment) Bill, 2015."
The committee considered 'The Companies Bill, 2016' keeping in view the briefing given by the Chairman Securities and Exchange Commission of Pakistan (SECP) Zafar-ul-Haq Hijazi on the salient features of the said Bill. The Chairman SECP said that 'The Companies Ordinance, 2016' intended to replace the Companies Ordinance of 1984 to consolidate and amend the laws relating to companies to encourage and promote corporatisation in Pakistan in line with the best international practices.
He further added that the said Ordinance will ensure maximum participation of members in the decision-making process of the company through the use of modern electronic means of communication and aims to address the issues relating to protection of interest of minority shareholders and creditors. The committee unanimously decided to constitute a four-member sub-committee under the convenership of MNA Muhammad Pervaiz Malik for further consideration on the said Bill. The sub-committee will comprise MNA Mian Abdul Mannan, MNA Syed Naveed Qamar and MNA Asad Umar.