RAWALPINDI: The National Assembly today [May 24] approved the Companies (Amendment) Ordinance, which empowers the Central Government to take over management of public companies if they fail to give reasonable return on investment to shareholders over a continuous period of three years.

The Assembly also passed the Carriage by Air (Supplementary Convention) Bill, 1968, before it adjourned to re-assemble at 9 a.m. on Monday.

The Bill seeks to give effect in Pakistan to the convention, supplementary to the Warsaw Convention, for unification of certain rules relating to international carriage.

The Companies (Amendment) Ordinance, which was introduced by the Commerce Minister, Mr Abdul Ghafoor Khan, on Monday last, enables the Government to: (A) Appoint an investigator to inquire into the affairs of a company after giving the managing agent an opportunity of being heard, and (B) In case of fraud, breach of trust and mismanagement, appoint an administrator to manage affairs of the company. — Agency

Published in Dawn, May 25th, 2018