SECP begins redrafting of companies' law
The Securities and Exchange Commission of Pakistan (SECP) has initiated re-drafting of the Companies Ordinance 1984 to make it compatible with the best global practices, and to finalise it in the next 12 to 18 months for the growth of the corporate sector of the country.
Source told Business Recorder here on Saturday that the Commission is in the process of drafting new Companies Ordinance, under the guidance of the Corporate Law Review Commission. The new law would be finalised within next 12 to 18 months so that global regulatory regime should prevail in the corporate sector of Pakistan.
Sources categorically dispelled the impression of abolishing legal division from the Commission, adding that the Commission has restructured its Legal Division.
The Commission has started working on new Companies Ordinance. The existing law for companies in Pakistan is Companies Ordinance which was promulgated in 1984. The SECP has started drafting new law, keeping in view the demand of the entire corporate sector. The existing company law will be revisited in the line with the best global practices. It is expected that after introduction of revised law model, corporatisation in Pakistan would be encouraged, sources opined.
They said that recently a new securities law for the growth of the capital market of Pakistan has been drafted by adopting international best practices. Likewise, a new 'Futures Trading Act' has also been drafted by the SECP. Under the new set-up of the SECP, the Commission has restructured the Legal Division to improve its performance.
About restructuring of the Legal Division, sources said that the Law Division was responsible for three jobs-Legislation, Advisory and Litigation. Out of the said three areas, Legislation is the most important area which needs to be focused on by the Commission for drafting new law. The concerned division has to simultaneously focus on all three areas of Legislation, Advisory and Litigation. All the three functions could not be properly handled by one division .The SECP restructured the department because operation of the division did not have internal legal resource because of which they were facing problems in routine matters.
Sources said that opinion was sought on real issues from the legal department which was one of the main reasons for pendency during last few months. The SECP is in the process of creating a dedicated Secretariat under its Legislation and General Council Department (GCD) for the purpose of updating company's law in Pakistan, sources added.
The Corporate Laws Review Commission will also be reconstituted in near future to ensure that revised law can be introduced with the support of proper Secretariat in place.
Under the new structure, matters pertaining to litigation will be looked after by legal resources, posted to different divisions and departments of the commission. This move was made on the request of Operating Department.
The specialised advisory and legislative functions are still centralised and are being performed by the Legislation and General Council Department (GCD) under the direct supervision of the Chairman of SECP.
However, the GCD has been entrusted with creating and maintaining panel of lawyers for litigation purpose from which Operating Department will appoint lawyers. There will be an indirect check by the Legislation and GCD through the list of lawyers maintained by it.
The litigation has been decentralised. The Legislation and GCD will now focus on specialised advisory and legislative issues for the Commission. It is expected that this move would allow the new department to focus more on product development of the capital market and corporate sector of Pakistan so that both sectors can grow and contribute to the overall economic growth of the country, sources added.
PPP wins AJK polls.
* PPP leads with 19 seats; PML-N bags 7 and MC 4
* Elections postponed in three constituencies after 3 killed in violence
* Gilani, Sardar Attique talk over phone
MUZAFFARABAD/LAHORE: The Pakistan People’s Party (PPP) won a majority of seats in the Azad Jammu and Kashmir (AJK) elections amid incidents of violence claiming three lives.
Those who were declared successful included former AJK prime ministers Barrister Sultan Mehmood Chaudhry, Farooq Haider, Sardar Yaqoob and Sardar Attique.
Senior politicians like Chaudhry Abdul Majeed, Sardar Qamaruz Zaman, Siyab Khalid, Chaudhry Ismail and Tariq Farooq also won their seats.
According to the unofficial results announced late on Sunday, elections were postponed in three constituencies after the death of three people in the violence.
Elections were held on 37 seats of the AJK Legislative Assembly and according to the last unconfirmed reports, Pakistan People’s Party was ahead of other contestants with 19 seats, Pakistan Muslim League-Nawaz (PML-N) bagged seven, Muslim Conference (MC) four while two independent candidates were also declared successful.
The unofficial results revealed that in LA-1, Mirpur 1, PPP candidate Afsar Shahid succeeded with 10,152 votes. Masood Khalid, an independent candidate, was the runner up.
PPP’s Arshad Hussain succeeded from LA-4, Mirpur 4, another PPP candidate Chaudhry Pervaiz Ashraf secured his seat for Legislative Assembly from LA-5, Bhimber 1. From LA-6, Bhimber 2, independent candidate Ali Khan Swati was declared successful. In LA-7, Bhimber 3, PML-N candidate Chaudhry Tariq Farooq was the successful candidate, LA-8, Kotli 1 went to Muslim Conference candidate Malik Muhammad Nawaz. Voters elected PML-N candidate Rao Naseer LA-10 Kotli 3 and Chaudhry Yasin of the PPP from LA-11.
PPP’s Matloob Inqalabi, Muslim Conference’s Sardar Attique, and PPP’s Qamar Zaman succeeded in their respective constituencies.
The polling for the AJK elections in Lahore had been suspended after a scuffle between supporters of the PPP and the PML-N candidates. The PPP claimed that PPP workers Afzal Butt, Khalid Usman and PPP Punjab General Secretary Samiullah Khan were injured by the PML-N attackers. The polling started at 8am but the atmosphere soon became charged and Presiding Officer Malik Tahir Iqbal decided to suspend the polling.
Meanwhile, Prime Minister Yousaf Raza Gilani talked to AJK Prime Minister Sardar Attique Ahmed Khan over telephone and discussed the overall political situation in AJK.
Both the leaders agreed to work for the development, progress and prosperity of the people of AJK.
The Gujranwala police have registered cases against 100 PML-N and PPP workers after a clash during polling at LA-31 Jammu-II on Sunday. staff report/agencies
Altaf Hussina (MQM)demands fresh polls in AJK.
KARACHI: Muttahida Qaumi Movement (MQM) chief Altaf Hussain has declared the elections in Azad Jammu and Kashmir (AJK) as null and void and demanded that fresh elections should be held as the present elections had become doubtful because of the autocratic steps of the government.
He vehemently criticised the government's undemocratic, unconstitutional and unethical steps taken by those who claims themselves to be the champion of democracy and had even shamed the dictatorial steps of dictators in the past.
He was addressing a hurriedly called general workers conventions across the country on Sunday in the backdrop of the postponement of elections on seats reserved for Kashmir migrants in Karachi and Abbottabad. The address of Altaf Hussain was relayed at more than 50 locations worldwide.
Despite all the protestations of democracy their actions were simply a continuance of the past dictators, he said, adding, they claimed that they had learnt from their past mistakes but it was apparent that they had learnt nothing from the past.
He asked the MQM Coordination Committee to file petitions in the courts for getting the elections null and void.
Hussain said June 26 should be observed as a day of condemnation every year to mark the dictatorial actions of the present government. They had trampled democratic principles, ethics and norms in order to force the MQM, the third largest political party of the country, out of the elections, he added.
Despite the fact that the MQM had supported the present government in difficult times, he said, it had stabbed the MQM in the back. He recalled that the MQM nominated President Asif Ali Zardari for the office of the president at a time when no one from his own party was ready to suggest his name. The MQM gave unconditional support to Prime Minister Yousaf Raza Gilani as well, he added.
MQM always came to their rescue and helped when it was being said that the government could go any time, he said, adding, despite everything done by the MQM, the present government betrayed its coalition party shamefacedly.
He pointed out that an important minister from the Pakistan People's Party (PPP) told that if they were not given one seat then they would get the elections postponed. Meetings were held at every level in the party and it was decided that enough was enough, he said.
The MQM chief questioned that why should they be given the seat like this? What had they done? Had they arrested the killers of Benazir Bhutto that they were demanding seats like this?
He said his party had made full preparations for the elections of legislative assembly of AJK. It had opened party offices in Kashmir and fielded candidates from nearly all the constituencies according to the demands of the Kashmiri people, he informed.
In the precious elections, MQM had been gained victory on two seats and it was expected that the we would definitely gain some additional seats as well, he added, MQM was forced to boycott the elections because of the autocratic steps of the government.
He said the present government was hiding its autocratic face under the cloak of democracy. This cloak should be stripped so that the common people could see their real face.
He said such in 1993 the then Corps Commander of Karachi Lt-Gen Naseer Akhter had also tried to browbeat the MQM into accepting four seats only but the MQM had refused to bow down and boycotted the elections.
Mohammed Saleem Mansoori
Posts
No comments:
Post a Comment