SAPM Haroon Chairs Meeting On Modernization Of Companies Act 2017

Muhammad Irfan Published July 25, 2025 | 02:30 PM

ISLAMABAD, (UrduPoint / Pakistan Point News - 25th Jul, 2025) Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan on Friday chaired a high-level meeting on the Modernization of the Companies Act 2017.

The meeting was attended by Scott Jacobs, representatives from the board of Investment (BoI), Securities and Exchange Commission of Pakistan (SECP), and the Overseas Investors Chamber of Commerce (OICC), said a news release.

The participants held detailed discussions on regulatory reforms and the modernization of the Companies Act 2017.

Haroon Akhtar Khan stressed the need for simplifying the registration process of unlisted companies, noting that delays, excessive regulation, and the lack of ease in doing business have become serious challenges for the business community.

He emphasized that the corporate governance of unlisted companies should be determined through corporate by-laws and the Articles of Association.

He pointed out that several restrictions and structural hurdles in the current Act are obstructing innovation in emerging corporate models.

"Due to rigid laws, many people refrain from registering their companies," Haroon remarked.

The Board of Investment presented a set of recommendations for the modernization of the Companies Act, which will be taken up for final approval for the proposal in the next meeting, it added.