Finance Minister Senator Mohammad Ishaq Dar 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 Standing Committee on Finance held on here today, 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.
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