ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is organizing a national level seminar on the draft Companies Bill, 2016, on Monday, September 5, at a hotel in Karachi.
\nMinister for Finance, Muhammad Ishaq Dar will chair the event, says a statement issued here on Saturday.
\nZafar Hijazi, the SECP chairman, Saeed Ahmed, deputy governor, State Bank, Hafiz Muhammad Yousuf, the ICAP president, Masood Naqvi, a well-known chartered accountant and former ICAP president, would highlight the salient features of the draft Companies Bill, and give their insights on the changes being proposed through it.
\nAfter its approval by the parliament, the Bill will replace the Companies Ordinance,1984. It has been drafted after a long process of consolations with experts and stakeholders.
\nIn 2005, the then SECP chairman, Dr. Tariq Hassan, constituted a Company Law Review Commission (CLRC).
\nThis Review Commission was headed by Mr. Justice Ajmal Mian, a former Chief Justice of Pakistan. It was asked to examine the new developments that had taken place in the other jurisdictions and to suggest suitable amendments.
\nThe commission deliberated on various concepts from time to time and circulated the materials among its members to arrive at a final draft.
\nHowever, due to multiple reasons, the new draft law could not be given a final shape.
\nThere was a need for a concerted effort to finalize all the good work that had been done.
\nThe SECP formed an in-house committee in April 2015, which completed its work in October and first draft was presented to the Finance Minister in November, 2015 when the SECP chairman, along with his team made a presentation to him regarding the main aspects of the draft Bill and highlighted the need of having a new company law.
\nThe Minister was delighted to know that the SECP had the complete understanding of the issues and problems of the corporate sector and has the vision to foresee and resolve the problems and prioritized the facilitation perspective regarding the corporate sector and made vibrant improvements in the draft Bill for facilitating the investors and the corporate sector in general.
\nIt is much appreciated that the facilitative measures incorporated in the draft Bill would make a very positive impact on the economy and would attract investments from local and foreign investors.
\nThe draft Bill also envisions introduction of various regulatory regimes, which would strengthen the supervisory and adjudicatory ambit of the SECP and in turn work towards a better corporate culture for promoting the business environment of Pakistan.
\nFurthermore, the draft Bill has done away with unnecessary requirements previously enforced through the Companies Ordinance, 1984 in order to attract business ventures.
\nIn the said meeting the Finance Minister advised the SECP to post the draft Bill on its website and initiate comprehensive consultative sessions across major cities with chartered accountants, professionals, businessmen, corporate consultants, lawyers, cost and management accountants, professional institutes and bodies, chambers of commerce and other interests in order to have maximum feedback of the stakeholders and the general public.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is organizing a national level seminar on the draft Companies Bill, 2016, on Monday, September 5, at a hotel in Karachi. Minister for Finance, Muhammad Ishaq Dar will chair the event, says a statement issued here on Saturday. Zafar Hijazi, the SECP chairman, Saeed Ahmed, deputy […]<\/p>\n","protected":false},"author":1,"featured_media":887,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-2858","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n