Senate Standing Committee on Finance on Friday discussed draft of “The Companies Bill 2017” proposing a number of measures to facilitate corporate sector of the country.
The Companies Bill 2017 which has already passed by the National Assembly Standing Committee was meant to replace the Companies Ordinance, 1984.
Currently the corporate sector of the country was regulated under the Companies Ordinance, 1984.
The committee which was chaired by Senator Saleem H Mandviwala here, reviewed the draft clause by clause it reviewed and discussed 81 out of 514 clauses of the Bill.
The committee was informed that through the Companies Bill, the laws relating to companies were being amended so as to encourage and promote corporatization in Pakistan based on best international practices and to ensure maximum participation of members in the decision making process of the company through use of modern electronic means of communication.