RAWALPINDI : Rawalpindi Chamber of Commerce and Industry (RCCI) President Raja Amer Iqbal has lauded the approval of Draft Companies Bill 2016 and expressed hope that it will soon pass through the National Assembly and Senate.

Addressing a delegation of traders at chamber, the RCCI President said that there was a dire need to revamp the Companies Ordinance 1984 in order to provide an improved competitive legal framework for the corporate sector.

He said that all stakeholders have expressed unanimous support for enacting the bill at the earliest to fulfill the long-standing demand of the business community.

The Draft Bill emphasizes use of technology at all levels including filing of documents to Securities Exchange Commission of Pakistan (SECP) electronically, supply of documents to members electronically, voting through e-ballot, participation in meetings through video link, and conversion of physical shares into book-entry form, he added.

Raja Amer iqbal said that dynamics of global economy has been changed. “We have to make sure that our economy is fully documented,”

It is noted that under the new law the SECP will have the power to obtain complete information of directors, officers and beneficial owners of foreign and offshore companies operating in Pakistan. Senior Vice President Rashid Waien, Vice President Asim Malik, members of the executive committee, among others, were present on the occasion.