The Senate Wednesday passed 'The Companies (Appointment of Legal Advisers) (Amendment) Bill, 2016" that provides to amend 'the Companies (Appointment of Legal Advisors) Act, 1974.' Another bill 'The Public Private Partnership Authority Bill, 2016' was introduced and referred to the concerned committee of the House for further deliberation. Both the bills were moved by Law and Justice Minister Zahid Hamid.
Zahid also laid before the House the 2nd Biannual Monitoring on the Implementation of National Finance Commission Award (January-June, 2016). According to statement of objects and reasons, the purpose of the bill is to amend 'the Companies (Appointment of Legal Advisors) Act, 1974' to ensure compliance and other regulations of the law.
The commission shall be able to take timely cognisance of the violations of provisions of the Act, rules or regulation made there under and impose penalty, it said, adding that the appeal process has also been provided. "Besides, it will also give reprieve to small-sized companies from the mandatory requirement of appointing legal advisers," it added.