PID

PR No.22 FINANCE MINISTER CHAIRS MEETING REGARDING COMPANIES BILL Islamabad

The Finance Minister, Senator Mohammad Ishaq Dar, chaired a meeting today at the Ministry of Finance, regarding the draft Companies Bill, currently being considered by the Parliament.

Mr. Rana Muhammad Afzal Khan, Parliamentary Secretary for Finance, and Mr. Zafar-ul-Haq Hijazi, Chairman SECP, briefed the Finance Minister on the legislative progress of the Bill. They apprised the Minister of the fact that comprehensive discussions on all aspects of the Bill were being held in the Parliament in order to achieve wide consensus on the Bill.

The Finance Minister said that any valuable guidance, suggestions and improvements from Parliamentarians which can help further improve the draft law are welcome.He urged SECP and Ministry of Finance to continue extending full cooperation to the members of Parliament in this regard. He said that there is a strong need to promulgate the Companies Bill, in order to provide relief and incentives to the corporate sector, especially small and medium sized companies. He said that the thirty-two years old Companies Ordinance, 1984, needed to be revamped in order to provide an improved competitive legal framework for the corporate sector in Pakistan.

The meeting was also attended by Mr. Zahid Hamid, Minister for Law and Justice, and senior officials of SECP and the Ministry of Finance.

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