Companies, Stock Exchanges (Amendment) Bills, 2015: two bills sail through Senate

The Senate Tuesday passed The Companies (Amendment) Bill, 2015 and The Stock Exchanges (Corporatization, Demutualization and Integration) (Amendment) Bill, 2015. Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi tabled both bills on behalf of the finance minister for passage. The House passed the bills unanimously.
According to objectives of the "Companies (Amendment) Bill, 2015", it seeks to provide for the listed companies to either cancel the repurchased shares or retain them as treasury shares. Listed Companies, which feel that their shares are undervalued on the stock market, may buy back/repurchase their shares which may improve the earning per share of such companies and bring stability in the market price of such shares."
According to "The Stock Exchanges (Corporatization, Demutualization and Integration) (Amendment) Bill, 2015," the Stock Exchanges (Corporatization, Demutuali-zation and Integration) Act, 2012 provide framework allowing segregation of ownership and trading rights to enable Demutualization of the stock exchanges. The Act was approved on March, 27, 2012 in a joint session of the Parliament and it got assent of the President on May, 7 2012. The dates provided in the Sections 16(4), 16(5) and 16(6) of the Act ibid were drafted in 2009 on the supposition that the Bill would be enacted in normal course at an earlier date. Now with the passage of the Act in March 2012, the timelines provided in the amended sections have become ineffective." Earlier, the Senate was informed that income of Pakistan Railways has been increased from Rs 18 billion to Rs 30 billion during last two years.
Replying questions on behalf of Railways Minister in the House, Information Minister Pervaiz Rashid said income of Railways has increased by seventy percent besides manifold increase in its passenger traffic. Replying to a supplementary question, the information minister said 16 railway stations are being upgraded. He said improvement of Railway network is included in the early harvest programme under China Pakistan Economic Corridor. He said the government is simultaneously developing all means of communication in the country.
In a written reply to a question, Federal Minister for Defense Khawaja Muhammad Asif said that presently 10 military courts are functional and the establishment of 11th military court is under process. He said that keeping in view the safety and security of the court, the names and related information about judges appointed in the military court my not be disclosed. The senate also adopted a motion moved by leader of the House Raja Muhammad Zafarul Haq and leader of the opposition Aitzaz Ahsan regarding formation of a special committee of the House on Ethics.