Dar emphasizes need for early promulgation of new Company Law

Government of PakistanDar emphasizes need for early promulgation of new Company Law

 ISLAMABAD, Pakistan: Finance Minister Senator Muhammad Ishaq Dar Thursday underscored the need for early promulgation of the new company law which will replace more than 32 years old law.

During the meeting of the sub-committee of the National Assembly’s Standing Committee on Finance in Islamabad, the Finance Minister said that the new law has been finalized after thorough research of various international jurisdictions, the use of technology and keeping in view international best practices.

He informed the committee members that before finalization, a comprehensive and exhaustive consultative process with the stakeholders has been done.

The Minister stated that he had held several meetings with SECP on weekends to ensure timely finalization of all new concepts introduced in the law.

He suggested that the sub-committees of both Houses should sit together for early finalization of the Companies Bill 2016, in the national interest.

The new areas being introduced through the new company law include the global register of beneficial ownership which have been a cause of concern for the stakeholders.

However, pursuant to the Panama Leaks issue, there has been a movement globally to regulate the beneficial ownership area and a number of countries including UK have undertaken legislation in this area.

Barring a few concerns, the promulgation of the Companies Ordinance, 2016 was duly appreciated by majority of the stakeholders.

Finance Minister told the Committee that he has advised SECP to bring before the Committee all concerned proposals and suggestions from press and professional circle for further improvement of the Law.

He said that the Committee should consider all these comments with open mind so that the new Law brings maximum fruits in the matter of ease of doing business, good governance and development of corporate sector.

Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Govt’s “Right Man for the Right Job” Principle Leads to Remarkable Performance by ITNE

ISLAMABAD: Under the leadership of Prime Minister Shahbaz Sharif, the present government of Pakistan has demonstrated its commitment to the principle of placing the...
Can my landlord increase my rent in Dubai in 2023?

Can my landlord increase my rent in Dubai in 2023?

In Dubai, rent prices will only rise by 36% in 2022, and a large majority of tenants will choose to extend their rental agreements....
Honda CD 70 2023 Installment Plan

Honda CD 70 Installment Plan – MCB Bank June 2023

Honda CD 70 is the top choice of motorcycle users in Pakistan. The bike us fuel-efficient and offers the best value for the spent...

SAR to PKR: Saudi Riyal in Pakistani Rupee 2 June 2023

The Saudi Riyal (SAR) was being sold at Rs 79 against the Pakistani Rupee (PKR) in the Open Market on Friday whereas it buying...

AED to PKR: Pakistani Rupee Rate in UAE on 2 June 2023

In the Open Market, the United Arab Emirates Dirham (AED) was being bought and sold at Rs 80 and Rs 81 against the Pakistani...