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Thursday, February 22, 2024  
11 Shaban 1445  

CJP Bandial wants level playing field for businesses

Says the majority of the share holds exploit the minority shareholders
Photo: Screengrab
Photo: Screengrab

Chief Justice of Pakistan Umar Ata Bandial has stressed the need for a level playing field for businesses.

He was addressing the SECP seminar in Islamabad. The CJP said that big investors will not compete with monopolies. “Shareholder has to be protected.”

The majority of the share holds exploit the minority shareholders, he said. “SSCP should protect the right of minority shareholders rights.”

“Government used to prepare five-year economic programs to provide certainty and today we don’t do that,” he said. “We think about what has to be done to improve the situation. It is fundamentally important that we strengthen all our regularity institutions.”

He further said that this event was organized for the development of business in the country.

“We look into matters of legal and public importance. Sitting in the Supreme Court, we look at the law in accordance with the Constitution,” the CJP said. “Is our law helpful in providing business opportunities?” the chief justice asked.

“The country’s development is possible through business opportunities and industrial development.”

He said that it is necessary to take business-friendly measures, Article 25 of the Constitution is about the equitable distribution of resources, every sector is asking for subsidies, subsidies are given by the government, and the Supreme Court can only see whether this subsidy is without discrimination or not.

The Chief Justice further said that commercial integrity and regulatory measures should be correct.

He said that taxes and customs duties are imposed and people do not know, the government should run the affairs in consultation with businessmen.

The Chief Justice said that the IPPs came for long-term investment, they were assured, long-term investment is necessary.

He went on to reveal that some of his colleagues use ChatGPT. “ChatGPT is interesting, I have not ventured into it.”

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