Inside Financial Markets

Government Speeds up efforts towards stalling Anti-Law Resolution

The government has geared up its efforts towards stalling the resolution moved by opposition political parties back by some treasury lawmakers in Senate to strike down “The Companies Ordinance, 2016”. Well-placed sources privy to the development told Business Recorder that treasury members who have signed the opposition resolution have been warned to stay away from supporting the resolution, or be ready to face the music.

A senior government minister has also been tasked to woo the senators from Federally Administered Tribal Areas (FATA), who are all set to vote in favour of the bill. The other independent Senators including allied political parties of the government in Senate have also been consulted not to vote for the bill. As Senator belonging to a government ally from Balochistan who declined to be named said the government had requested them not to vote against the Ordinance.

He said that they had already signed the resolution submitted to Senate Secretariat against the Companies Ordinance, 2016 and there is no possibility they would budge from their stance, as the Ordinance in no way protects the rights of industries – both big and small. “What we’re doing is in the best national interest, and there is no harm in passing an ordinance but bringing an ordinance which benefits only the government and its cronies or the SECP [Securities and Exchange Commission of Pakistan] is simply not acceptable,” he added.

Senator also said on condition of anonymity that the government is in disarray after the resolution was submitted to the Senate Secretaries, adding the combined opposition alone is in a position to vote out the ordinance. He said the opposition has submitted the resolution after consulting all the senators both in opposition and treasury, and the government is not in a position to block the resolution in Senate.

To a question, he said the opposition parties were going to submit a requisition for convening the Senate session, but due to absence of the Senate chairman, who is currently on foreign tour, the requisition has been delayed. “Chairman [Senate] will be back within day or two and then we will submit a requisition notice, and we’re confident that the resolution will be passed and the Ordinance will no longer be there,” he added.

Baqar Hussain

A Wannabe CFO, just had stepped in the corporate sector, willing to explore every aspect here and learn as mush as i can, awareness for those who dont, get the info where ever possible and stay up to date always.

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)