The opposition lawmakers backed by some treasury senators in Senate are all set to pass a resolution to strike down the ''''Companies Ordinance, 2016'''', under clause II of Sub Article 2 of Article 89 of the constitution.
Well-placed sources told Business Recorder that the opposition parties would submit a requisition notice to Senate Secretariat on Monday for convening the session. A resolution signed by forty senators belonging to different political parties to disapprove the Companies Ordinance, 2016, has already been submitted to Senate Secretariat.
They said that the Ordinance, consisting of over 1200 pages, was never presented before any session, adding the sole purpose of the Ordinance was to blackmail companies through Securities and Exchange Commission of Pakistan (SECP).
"There is a system in the country, but the government kept working on quietly for the last one year and through this Ordinance it wants to give unlimited powers to SECP which is not acceptable," they added.
They said that the way SECP issued around 70,000 notices to registered local and foreign companies under the Ordinance shows that the sole intention of the government is to give unbridled powers to the SECP.
The resolution which the senators have submitted under sub article (ii) of Article 89 of the constitution to disapprove the Companies Ordinance, 2016, reads: The sub article (ii), states: "Before both Houses if it [does not contain provisions dealing with any of the matters referred to in sub-paragraph (i)], and shall stand repealed at the expiration of [one hundred and twenty days] from its promulgation or, if before the expiration of that period a resolution disapproving it is passed by either House, upon the passing of that resolution".
According to some opposition lawmakers, who requested anonimity, some treasury members are also supporting the opposition resolution, making it tough for the government.
The sub article (ii) states: "Before both Houses if it [does not contain provisions dealing with any of the matters referred to in sub-paragraph (i)], and shall stand repealed at the expiration of [one hundred and twenty days] from its promulgation or, if before the expiration of that period a resolution disapproving it is passed by either House, upon the passing of that resolution".
The Senators who have signed the resolution include Saleeem Mandviwala (PPP), Taj Haider (PPP), Mohsin Khan Leghari (Independent), Ilyas Bilour (ANP), Aitzaz Ahsan (PPP), Baz Muhammad Khan (PPP), Azam Khan Swati (PTI), Babar Awan (PPP), Azam Khan Mosakheil (PkMAP), Shibli Faraz (PTI), Sherry Rehman (PPP), Hari Ram (PPP), Daud Khan Achakzai (ANP), Ahmed Hassan (PPP), Mohsin Aziz (PTI), Gianchand (PPP), Sehar Kamran (PPP), Muhammad Ali Saif (MQM), Kamil Ali Agha (PML-Q), Nighat Mirza (MQM), Colonel (retired) Syed Tahir Hussain Mashhadi (MQM), Islamuddin Sheikh (PPP), Usman Khan Kakar (PkMAP), Saeed Ghani (PPP), Farhatullah babar (PPP), Kalsoom Parveen (PML-N), Osman Saifullah Khan (PPP), Yousaf Badini (Independent), Saifullah Magsi (PPP), Rehman Malik (PPP), Gul Bashra (PkMAP), Rubina Khalid (PPP), Taj Muhammad Afridi (Fata Independent), Hidayatullah (Fata Independent), Najmul Hassan (Fata Independent), Saleh Shah (Fata Independent), Dr Ashok Kumar (NP), Noman Wazir (PTI), Muzaffar Hussain Shah (PML-F), and Zahida Khan (ANP).
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