ISLAMABAD -UNS : The Senate on Thursday passed a resolution to disapprove the Company Ordinance, 2016 with majority votes.
The resolution was moved by senators Saleem Mandviwala, Aitzaz Ahsan, Taj Haider, Sardar Muhammad Azam Khan, Muhammad Mohsin Khan and others.
Speaking on the occasion, Minister for Law and Justice Zahid Hamid urged the legislators to read the ordinance and give their suggestions on its flaws.
He said the government was changing 32-year old company law to make it more effective for the business community.
He said there were many beneficiary provisions in that amended law and that resolution should be referred to the committee concerned for detailed discussion.
Taking part in the discussion Senator Aitzaz Ahsan said that the ordinance contained 1224 pages and it could not be passed
as an ordinance.
Senator Taj Haider said the company ordinance 2016 would affect the external investment in the country.
According to the ordinance, he said the government intended to allow specific persons to establish industries in the country.
Senators including Kamil Ali Agha, Nouman Wazir, Farhat Ullah Babur, Dr Jhanzaib Jamaldaini and Mir Kabeer opposed the Company Ordinance 2016.