44th meeting of the Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization of the National Assembly was held today i.e 1st December, 2016 in Committee Room No. 7, under the Chairmanship of Mr. Qaiser Ahmad Sheikh, MNA, on the following agenda:-

i)     Confirmation of minutes of the last meeting held on 22-11-2016

ii)    To consider “The Cost and Management Accountants (Amendment) Bill, 2015’’ (Government Bill)

iii)   To consider “The Companies Bill, 2016 (Ord. No. VI of 2016) (Government Bill)

iv)    Briefing on the inquiry status of National Bank of Pakistan (NBP) Bangladesh scam by the President, NBP and Director General, National Accountability Bureau (NAB).

2.         The Committee approved the minutes of the last meeting held on 26-10-2016.

3.         The Committee considered “The Cost and Management Accountants (Amendment) Bill, 2015”. The Committee members were apprised by the Secretary Ministry of Finance. He said as desired by the august Committee in its meeting held on 22nd November, 2016 regarding omission of word Chartered from each clause of the subject Bill, the same has been done accordingly. The Committee unanimously recommended that the Bill as amended by the Standing Committee may be passed by the House.

4.          The Committee considered “The Companies Bill, 2016 (Ord. No. VI of 2016). Chairman Security and e brief the Committee about the salient features of the said Bill. He said that the companies ordinance, 2016 intends to replace the companies ordinance, 1984 (XLVII of 1984) (Ordinance) in order to consolidate and amend the laws relating to companies so as to encourage and promote corporatization in Pakistan based on best international practices.

5.         He further added that the said Ordinance will ensure maximum participation of members in the decision making process of the company through use of modern electronic means of communication and aims to address the issues relating to protection of interest of minority shareholders and creditors.

6.         The Committee unanimously decided to constitute a 04 Members Sub-Committee under the Convenership of Mr. Muhammad Pervaiz Malik, MNA for further consideration on the said Bill. The Sub-Committee will comprise the following Members:-

            1.         Mian Abdul Mannan, MNA

            2.         Syed Naveed Qamar, MNA

            3.         Mr. Asad Umar, MNA

7.         The Committee has shown its displeasure on the performance of National Accountability Bureau (NAB) with regard to the delay for investigation against officers/officials involved in NBP Bangladesh scam.  The Committee has directed the NAB for completion of inquiry at the earliest. The Committee recommended that another meeting of the Committee would be held on 22nd December, 2016 and NAB will present its inquiry report before the Committee.  The Committee also directed the NAB for providing details in this regard. The Committee unanimously decided that concerned DG,NAB would be called in person in the next meeting.

8.         The Committee has taken a serious notice on the news issued by a newspaper regarding investigation of NAB from sitting President of NBP on Bangladesh scam. The Committee Members were of the view that NAB should issue rebuttal about the said news. The President, NBP informed the Committee that he has already given refutation to the concerned news agency in this regard. He further stated that this kind of irresponsible attitude of media will affect the interest of Pakistan including NBP.

8.         The Committee Members have shown their concern about the appointment and promotion policies of the Bank. Mr. Qaiser Ahmed Sheikh Chairman of the Committee informed the Members that NBP has adopted discriminated policies for appointment and promotion. He said that NBP was given higher rating to the candidates having LUMS and other rich culture institutions.

9.         The Committee unanimously decided that NBP will furnish its appointment and promotion policies to this secretariat and same matter would be thoroughly discussed in the upcoming meeting of the Committee.

10.       The Committee unanimously decided that a recommendation would also be forwarded to the Standing Committee on Science & Technology for issuing of special invitation to Mian Abdul Mannan, MNA/Member of the Committee on the matter of NTS. The Committee was of the view that being former convener of the sub-committee on NTS, the honorable member will give his input on the said issue. Mr. Asad Umar MAN/Member of the Committee has shown his concern on the advertisement published in the newspaper regarding marketing of property in UAE. He was of the opinion that Committee should call the State Bank of Pakistan for briefing on the transfer of funds by the individuals or company to UAE. The Committee unanimously agreed with the proposal given by the Honorbale Members and decided to call SBP and PID in the next meeting of the Committee.     

11.       Mr. Daniyal Aziz, Mr. Muhammad Tallal Chaudry, Mian Abdul Mannan, Mr. Asad Umar and Mr. Abdul Rashid Godil, MNAs were present in the meeting, besides the senior officers from Ministry of Finance & Revenue, Securities & Exchange Commission of Pakistan (SECP) and National Bank of Pakistan (NBP).