President Alvi promulgates Companies Ordinance 2020

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From Business Correspondent

ISLAMABAD: In order to facilitate investors and startups in the country, President Dr Arif Alvi yesterday promulgated the Companies (amendment) Ordinance 2020.

Under the new law, the conditions pertaining to submission of subscription money within 30 days and filing of auditor certificate have been abolished to facilitate small companies.

The commission’s powers have been increased through the new act and now a registered company may hold extraordinary general meeting at a short notice with the approval of the commission. Whereas, the valuation mechanism of private limited company has been amended in the new act.

These amendments were proposed by the Securities and Exchange Commission of Pakistan (SECP) to help promoting startups and attract local and international innovators.

Earlier on May 3, Prime Minister Imran Khan had said the federal government was utilising all resources to contain the spread of the novel coronavirus in the country. Talking to his adviser on Parliamentary Affairs Babar Awan who had called on him in the capital, the prime minister said the biggest challenge was to provide relief to a common man hit the hardest by lockdown restrictions enforced to stem the spread of the deadly virus.

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