ISLAMABAD: The Senate Standing Committee on Finance and Revenue has invited the stakeholders to submit proposals and recommendations to the Companies Bill 2017.
The committee will hold deliberations on the recommendations and proposals received from the stakeholders and then will move its own points to the government for incorporation in the bill through the Upper House of the parliament.
In February this year, the National Assembly approved the Companies Bill, 2017 and the Senate received the bill on February 14 this year and was referred to the committee for further deliberations.
This Bill is intended to replace the Companies Ordinance, 1984 in order to consolidate and amend the laws relating to companies so as to encourage and promote corporatization in Pakistan based on best international practices.
Chairman Committee, Salim Mandviwala, told Customs Today through telephonic interaction that committee conducted a public hearing on the Companies Bill 2017, in Karachi and received applause from different business and corporate circles for taking such an exemplary the step.
During the public hearing, experts from different walks of life expressed their reservations on various clauses of the bill which directly hit the business environment and made doing of business costlier for the business community.
He added that committee members were almost surprised over the expertise and well informed status of the stakeholders about the minute details of the bill along with possible impact on economic and trade activities.
He said that participants of the meeting were fully heard patiently and their views were made part of the minutes of the meeting; therefore, on seeing well preparedness of stakeholders from private sector, the committee sought proposals and recommendations in black and white and assured them of all out efforts to make them part of the bill through legislative process” he observed.
Earlier, Salim Manviwala said tha tamendments in Companies Ordinance, 1984 were made in piecemeal and were narrowly focused, resulting in disconnect and overlap in regulatory framework and there is a dire need to review and revamp the thirty two years old legislation to provide competitive legal framework for the corporate sector in Pakistan.
“The Bill will ensure maximum participation of members in decision making process of the company through use of modern electronic means of communication and aims to address the issues relating to protection of interest of minority shareholders and creditors” he maintained.
He said that bill would facilitate the growth of economy in general and the corporate sector in particular by providing simplified procedure for ease of starting and doing business, greater protection of investors and augment corporatization in the country.
