Friday, 16 December 2016
The Companies Bill 2016, drafts of which were published for consultation earlier this year, became law (as the Companies Ordinance 2016: see here, pdf) earlier this year when it was promulgated by the President in the exercise of a power provided by Article 89 of the Constitution. Ordinances so promulgated can be repealed under Article 89 by either the National Assembly or Senate. This has happened: in the Senate yesterday a motion was passed by 50 votes to 18 to disapprove the Ordinance: see here (pdf). The effect is that the Companies Ordinance 1984 is restored and it seems that the Companies Bill will now be debated in Parliament and will only become law if both Houses approve.