The Senate Standing Committee on Finance on Friday announced that it has deferred the approval of Companies Bill 2017 until the next meeting. The committee chaired by Senator Saleem Mandviwalla stated that he wanted to review as many as 515 clauses that are a part of the bill. A total of 80 clauses were discussed in the meeting while a discussion on the pending bills was deferred until the next meeting.
The Companies Bill 2017 was referred to the Senate by the National Assembly.
Finance Secretary Tariq Bajwa and SECP Chairman Zafar Hijazi briefed the committee on the bill. Hijazi informed the meeting members that the bill had been drafted after seeking the consent of all the stakeholders and keeping in view the various international standards and practices. Furthermore, 18 seminars were arranged in connection with deliberations on the bill, he added.
He further added that the bill had also incorporated the recommendations of the National Assembly’s Standing Committee on Finance. Furthermore, the new law would not only prove vital to improve the functioning of the trade and investment sectors but will also be fruitful for the overall economic situation in the country, he stated.
