In order to face the challenges posed by other companies, an enhanced closure regime for employers and members of those companies has been given under the Draft Companies Bill that the federal cabinet will permit on Wednesday, announced Finance Minister Ishaq Dar on Monday.
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conditions penalties have been open in case companies give wrong information or do not give such details, Dar told a news conference.
This move coincides with the Pakistan Tehreek-e-Insaf’s threat to close the capital on November 2 over the government’s failure result to act against those whose names have seen in the Panama leaks despite the time of seven months.
Dar also revealed that Standard & Poor’s — an international credit rating agency — has betterPakistan’s long-term policy rating from B-negative (B-) to B with the stable result. “This comes as a result of the government’s better policymaking, a strong working of the economy and good future for the country’s fiscal and external positions,” he says.
Dar says the federal cabinet will permit on Wednesday the Draft Companies Bill 2016 that will also watch the problem of the Panama leaks. He said the talk to bring Panama-related talk was taken after April month when the names of Pakistanis holding outer companies seen in the media.
Early in this month, Securities and Exchange Commission of Pakistan Chairman Zafar Hijazi says that recent laws did not need any disclosure with regard to aborad investments made by directors of companies in their personal capacity; therefore, the SECP has idea special provisions in the Draft Companies Bill, 2016 to plus this lacuna.
Hijazi says that once the Companies Act was make , companies would need to maintain the record of a broad investment in the structure of the Companies Global Register of Beneficial Ownership. Under the provision, every shareholder, company director and employees of the companies have to report the beneficial ownership or any other profit outside Pakistan. The companies will also need to report their foreign equity investments to the SECP. Dar said the government was want to talk with the opposition on a bill that the opposition members have come in parliament. However, he said the opposition was making target to the prime minister while the fact that he was not major named in the Panama leaks. giving the answer to a question, Dar said the opposition’s stirring may break Pakistan’s economy because the 2014 public protests of the PTI caused loss to the economy.