ISLAMABAD: Finance Minister Muhammad Ishaq Dar on Friday tabled Companies Ordinance, 2016 in the National Assembly.
The National Assembly session held here with Speaker National Assembly Ayaz Sadiq in the chair.
During the session, Dar presented the Companies Ordinance 2016 in the House. Explaining the salient features of the ordinance, Dar said it will replace Companies Ordinance, 1984.
He told the house that with the passage of the Bill, information about off shore companies could be obtained. He further said that the proposed legislation will strengthen the Securities and Exchange Commission of Pakistan (SECP).
Dar further told the house that under the law, SECP can formulate mechanic of joint investigation and can investigate money laundering and terror financing cases.
He said that ordinance had been prepared taking all the stakeholders into confidence and keeping in view the international best practices to provide ease for doing business.
He pointed out that under the ordinance filing of documents electronically and e-voting have been allowed. He said changes have been made to provide protection to the investors. He said recommendations to improve it further will be welcomed.
Pakistan People’s Party (PPP) lawmakers criticized the government over the Companies Ordinance. Nafeesa Shah, Ghous Bux Mehar, Naveed Qamar and Nawaz Yousuf Talpur flayed the government for legislation through Ordinance in the presence of Parliament. They said that legislation through Ordinance was violation of Parliament’s sanctity. They asked the government to shun the practice of neglecting Parliament.