President Alvi approves amendments to companies Act, 2017
President Dr Arif Alvi on Monday approved amendments to the Companies Act, 2017, in order to provide an enabling regulatory framework to facilitate startups in the country.
According to a press release, the Securities and Exchange Commission of Pakistan said these amendments were proposed by the commission to help promote and nurture start-ups as well as attract local and international innovators.
The Companies Act, 2017 was reviewed by the SECP in consultation with different external and internal stakeholders.
It added that the amendments have been promulgated through the Companies (Amendment) Ordinance, 2020 promulgated on April 30.
Under the new rules, employee stock options and buyback of shares has been allowed for all companies; earlier this was allowed for public and listed companies only.
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