ISLAMABAD, Aug 26: President General Pervez Musharraf on Friday promulgated the Public Investment (Financial Safeguards) Amendment Ordinance 2005. Through this ordinance amendments were introduced in the Public Investments (Financial Safeguards) ordinance, 1960, which would come into effect immediately.
According to amendment of section 4, ordinance XLVI of 1960, for the words, comma and figure “Companies Act, 1913”, the words, comma and figure “Companies Ordinance, 1984 shall be substituted and in the margin, for the figure and word “VII of 1913” the figures and word “XLVII of 1984” shall be substituted.
Insertion of new section 9A in the said ordinance —”9A: Ordinance not to apply to PTCL — notwithstanding anything contained in this ordinance the Pakistan Telecommunication Company Limited upon its privatization pursuant to the privatization commission ordinance, 2000 (LII of 2000) shall not be deemed to be a corporation, institution or undertaking established with the aid of public revenues of the federation or the federal government for the purpose of this ordinance”.
