The Companies Bill, 2016 was among three bills that the lower house passed when it met on Monday after a two-day break. Other pieces of legislation included: the Criminal Laws (Amendment) Bill-2016 and the Pakistan Air Force (Amendment) Bill 2016, reported a national daily.
In addition, the house also passed a unanimous resolution expressing solidarity with the people of Occupied Kashmir.
Earlier, Law Minister Zahid Hamid moved the companies bill in the assembly.
Speaking in the National Assembly, Finance Minister Ishaq Dar, while delineating its salient features, said: “The bill has been drafted keeping in view best international practices and after taking feedback from all stakeholders.”
The new legislation would replace the Companies Ordinance, 1984, once it gets the presidential nod. The Senate has already passed the bill.
According to the statement of object and reasons attached with the draft, “The bill provides adequate safeguards against fraud, money laundering, terrorists’ financing”.
“It provides necessary instruments – including joint investigation and a provision requiring officers of a company to take adequate measures to curb such violations and report any suspicious transactions.”
The house also passed the Criminal Laws (Amendment) Bill, 2016 and the Pakistan Air Force (Amendment) Bill 2016.
The minister sad, “the incentive is being provided for good governance and sustainable development.”The minister also stated that the trend in the exports was now picking up because the law and order situation in the country had considerably improved and added industry was also provided with an uninterrupted supply of electricity and gas.
“In addition, an agriculture package has been announced for the farmers’ community and the momentum generated through such measures will help enhance the exports.”
The minister said farmers were provided better prices of their crops, particularly cotton and rice.
