Karachi, November 24, 2016 (PPI-OT): Shaikh Khalid Tawab Sr. Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has felicitated Senator Ishaq Dar, Finance Minister on promulgation of new Companies Ordinance, 2016 to encourage and facilitate best international corporate practices in the country and ensure maximum and effective participation of a company’s member in its decision making process. He termed it another feather in the Finance Minister’s cap.
The SVP of FPCCI elaborated that the Companies Ordinance 1984 had outlived it life and as such had been replaced with a new mechanism, which could take care of modern concept, philosophy and methods of the corporate sector including its current issues and requirements, keeping in view of the maximum use of information technology.
Commending a few salient features of the Companies Ordinance, 2016 the SVP of FPCCI informed that for the first time, special provisions had been made to facilitate SMEs, Shariah Certification of Companies and Real Estate companies requirement for enhanced protections to the investors.
Khalid Tawab, however, referring to the promulgation of the new law through an Ordinance said that keeping in view of the importance of this legislation (Companies Ordinance 2016) for the Corporate sector and in the economy of the country, it should have been better if thoroughly discussed in the Parliament and legislated as an Act rather than its enforcement through an Ordinance.
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