President signs Companies Act, 2017, into law

News Image

By MG News | May 30, 2017 at 03:38 PM GMT+05:00

0:00

ISLAMABAD, May 30: President Mamnoon Hussain signed the Companies Act, 2017 on Tuesday, marking the dawn of a new era that promises great opportunities for the corporate sector to thrive in a challenging global environment.
 
After thorough public consultation and legal vetting by Ministry of Law and Justice, the Companies Bill was introduced in the National Assembly on November 18, 2016. On February 6, the National Assembly passed the Companies Bill, 2017. Finally, the Senate it on May 15. The level of stakeholder consultation by the SECP during the drafting and approval stages was unprecedented in the history of company law in Pakistan.

The enactment of the Companies Act, 2017, is one of the most significant legal reforms in the country. It is aimed at bringing the company law on a par with global standards. The Act has introduced significant changes to the company law. It is the longest and one of the most exhaustive pieces of legislation ever approved by Pakistani parliament. It has 515 sections and eight schedules, and took almost 12 years in the making. It is an embodiment of parliamentary democracy in Pakistan and a gift to the nation.
 
The new law will facilitate the growth of economy in general and the corporate sector in particular by providing simplified procedures for ease of starting and doing businesses, greater protection of investors. It will give a boost to corporatization in the country. It will also provide a simpler and softer regime for small companies, enable e-governance, augment standards of transparency and quality of information, and ensure better corporate governance.

Related News

Name Price/Vol %Chg/NChg
KSE100 131,174.31
40.97M
0.64%
830.28
ALLSHR 81,539.26
102.45M
0.64%
515.27
KSE30 40,182.06
22.97M
0.69%
273.80
KMI30 191,022.78
27.61M
0.79%
1487.78
KMIALLSHR 55,119.19
59.79M
0.61%
335.54
BKTi 35,125.85
2.79M
0.53%
185.12
OGTi 28,744.93
7.37M
1.59%
448.87
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 109,585.00 110,105.00
109,200.00
-700.00
-0.63%
BRENT CRUDE 68.61 69.00
68.41
-0.50
-0.72%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 109.20 110.00
108.25
1.70
1.58%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.98 67.50
66.78
-0.47
-0.70%
SUGAR #11 WORLD 15.56 15.97
15.44
-0.14
-0.89%

Chart of the Day


Latest News
July 03, 2025 at 09:41 AM GMT+05:00

NBP issues foreign exchange rates


July 03, 2025 at 09:32 AM GMT+05:00

Asian markets mixed as U.S.-Vietnam tariff deal unfolds


July 03, 2025 at 06:01 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg