Parliament rejects proposed company law
13 Oct 2011, 7:44 PM
Parliament yesterday rejected at the preliminary stage a bill proposed by the government to modernise the existing Companies Act as part of its 18-bill economic reform package.
The bill was narrowly rejected 37-36 in a vote to send the draft legislation to committee for further review.
Jumhooree Party (JP) Leader Gasim Ibrahim – who voted with the ruling Maldivian Democratic Party (MDP) in August to pass the Goods and Services Tax (GST) legislation, the first of the 18 economic reform bills to be passed – cast the swing vote against the proposed company law.
According to the government, the purpose of the bill was to modernise bureaucratic procedures for formation and registration of companies and facilitate ease of doing business.
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