NA adopts Companies Bill, 2017 with a majority vote

House condemns Manchester attack, observes one-minute silence; adjourns till Friday afternoon


Danish Hussain May 25, 2017
The bill was introduced by Zahra Wadood Fatemi and Naseem Kishwer Khan. PHOTO: APP/FILE

ISLAMABAD: Despite opposition by the mainstream political parties, the National Assembly on Wednesday approved with a majority vote the Companies Bill, 2017.

The government rejected all three amendments moved by the opposition parties – the PTI and the PPP. However, the NA adopted the bill with all amendments earlier proposed by the Senate.

The house also condemned the terrorist attack in Manchester that killed twenty-two people and observed one-minute silence in honour of the victims. It also paid rich tributes to the late MNA Abdul Rahim Mandokhel for his contribution and services in strengthening democracy in the country.

Companies Bill 2016 sails through lower house

The PPP members opposed the bill in its current form saying it was likely to infringe upon autonomy of the provinces and urged the government not to pass it in haste. However, the request was declined and the speaker opted for voting over the bill.

The Parliamentary Secretary for Finance Rana Muhammad Afzal Khan said sufficient discussion and debate had already been held on the bill and voting on it should not be delayed.

According to the bill’s statement of object and reasons, it intends to replace the Companies Ordinance, 1984 (XLVII of 1984) in order to consolidate and amend the laws relating to companies so as to encourage and promote corporatisation in the country.

Companies Bill 2016: Parliamentary panel agrees to major concessions

“The bill provides adequate measures against fraud, money laundering and terror financing, and necessary provisions have been proposed regarding powers of the commission including joint investigation and the provision requiring officers of a company to take adequate measures to curb such violations,” it says.

Earlier amendments in the Companies Ordinance 1984 were piecemeal and narrowly focused, resulting in disconnect and overlap in regulatory framework and there was a dire need to review and revamp the 32-year-old legislation to provide competitive legal framework for the corporate sector.

It will ensure maximum participation of members in decision-making process of the company through the use of modern electronic means of communication, and aims to address the issues relating to protection of interests of minority shareholders and creditors, the bill says.

The Public Interest Disclosures Bill

The National Assembly’s Law and Justice Committee also presented before the house The Public Interest Disclosures Bill, 2017. The bill provides for protection of whistleblowers, from within government departments, making disclosures about economic crimes including money laundering, fraud, embezzlement, kickbacks, commissions and other form of corruption.

The employee would be able to complain to the head of any government department regarding the mismanagement and corruption in his/her department. According to bill, a disclosure made by any government servant should be duly supported by relevant documents or any other supporting material.

Overseas Pakistanis may be forced to disclose monetary interests

The head of department would be bound to issue an annual report regarding the complaints and it would be presented in parliament. The head of department will be bound to order a preliminary inquiry to ascertain facts following receipt of some complaint.

Anonymous or pseudonymous disclosures will not be entertained or processed. According to the bill, the person lodging fake complaints would face the punishment of one-year imprisonment and fine, or both.

The house was adjourned to meet again on Friday afternoon.

 

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