Comments and observations in relation to changes proposed in a major law are always expected. No wonder, scores of observations by cross sections of the society have been tendered on the draft Companies Law-2015 circulated by SECP.
The issue is what are these and from which corner proposals for change in the draft circulated are to be given serious thought to? To be examined and given weight are the short comings cited, technical infirmities highlighted, the fissures focused and language faults put forth to deliver intentions of the lawmakers etc. Not that the lawmakers shrug or submit to these. These are discussed and debated with the help of the party in power's political ideologues, legal brains in the government and the bureaucrats serving. Changes proposed in the draft of legislation are then again subjected to post-mortem by the relevant regulatory agency.
There are scores of comments and suggestions made in relation to present SECP's draft of the Company Law. It is stated that the amends suggested, particularly the ones rendered by accounting and tax professionals of the society, did not have the ears needed. The demands for changes in the draft not approved need to be explained. The functionaries have to take note of these and in certain cases needed remedial measures should be taken.
Courtesy Business Recorder, I implore that scrapping existing Company Law be put on the back burner. Issues on which immediate legislation is required should be taken in hand in the first instance and so on and thus blemishes in the existing law should be routed. After all, we have been doing this with the Companies Act-1913 for around seven decades. No heaven is going to fall if the entirely restructured Company Law comes in 2017 or 2018 which will be the time when lot many amends would have been made the way these would have had.