Govt to bring companies ordinance bill in joint sitting of parliament

ISLAMABAD: The government has decided to bring the companies ordinance 2016 in the shape of a bill in the joint session of parliament. Parliamentary Secretary Finance Rana Muhammad Afzal Khan told The News that the government would bring the companies bill in the joint session of parliament.

He said the government had two options – the present draft of companies ordinance could be got approved from parliament in shape of bill and this would be got passed from the joint session by making proposed amendment part of bill.

The Security and Exchange Commission of Pakistan (SECP) had issued notices to 70,000 companies to provide information about partnershipswith foreign companies and got companies registered. But the companies ordinance 2016 was rejected in Senate and became ineffective in this regard.

Senator Saleem Mandviwalla said that now it would not be easy for government to bring this ordinance in shape of bill in the joint session because 50 senators had signed motion opposing this bill. He said that it was a historical event that senators had rejected any ordinance in such a big number. He said some government members would also oppose this bill. 

Earlier, the companies ordinance 2016 approved by the president on November 11 but was rejected by the majority in Senate on December 15 and after that this new companies ordinance became ineffective. The action and notices issued on behalf of Security and Exchange Commission of Pakistan (SECP) to the companies became null and void in this regard.