Daily Times

FAISALABAD: Securities and Exchange Commission of Pakistan (“SECP”), in collaboration with Faisalabad Chamber of Commerce and Industry (“FCCI”), organised a consultative session on the draft Companies Bill at FCCI.

The invitees of the session included eminent chartered accountants, lawyers, corporate consultants, professionals, businessmen, including Sitara Group Chairman Mian Muhammad Adrees and company secretaries of leading companies. The session was attended by FCCI Executive Committee and senior officials of SECP, including Tahir Mahmood (Commissioner Company Law Division), Abdul Rehman Qureshi (Advisor to the Commission), Jawed Hussain (Registrar of Companies) and officers of the Company Registration office Faisalabad.

The session started with the inaugural note by FCCI President Ch Muhammad Nawaz followed by a welcome speech by Tahir Mahmood. A detailed presentation was made by Jawed Hussain, Registrar of Companies to the participants on the substantial changes proposed through the draft Bill. The main objects of the presentation included; providing facilitation to the corporate sector and other stake holders, strengthening the existing regulatory frame work, steps towards adoption of technology, specific provisions to safeguard the rights and interests of strategic investors and to attract foreign investments and new concepts adopted by international jurisdictions.

The presentation was followed by a very productive feedback from the participants on various aspects of the draft Bill; especially Mian Muhammad Adrees, Chairman Sitara Group who appreciated the role of SECP in consulting the business community. He also made a note to the audience on the role played by SECP and encouraged them to give their constructive feedback for finalisation of the draft Bill. The response of Chairman Sitara Group was welcomed and appreciated by the SECP. The feedback of the participants was noted for further deliberation at the relevant quarters and for finalising the draft Bill. The SECP further plans to hold a series of consultative sessions at various other cities across Pakistan in order to have maximum participation and feedback.