The Securities and Exchange Commission of Pakistan (SECP) has placed the revised draft of the Companies Bill, 2016 on its website for comments and feedback. The stakeholders and the general public have been requested to submit their feedback by May 6.
The SECP submitted the first draft of the Companies Bill to Minister for Finance Senator Mohammad Ishaq Dar in November 2015. In accordance with his advice, a series of consultative sessions were conducted in Karachi, Lahore, Islamabad, Peshawar, Faisalabad, Multan and Quetta.
The participants of the sessions included chartered accountants, cost and management accountants, professionals in the corporate sector, eminent lawyers, office bearers of chambers of commerce and industries, businessmen and representatives of the professional bodies and the financial institutions.
The significant provisions of the draft Companies Bill and feedback received from professionals, legal experts, businessmen and the representatives of various chambers and financial institutions were discussed at a seminar organised by the SECP on March 26 in Islamabad.
This event was chaired by the finance minister, Dr Tariq Hasan advocate, FCA Asad Ali Shah, ICAP President Hafiz Muhammad Yusuf, and Sitara Group of Companies Chairman Mian Muhammad Adrees, were the main speakers. They highlighted the key features of the bill, and gave their candid feedback. The participants also made useful suggestions.