Tuesday, 30 May 2023
State Council to conclude its discussions on Commercial Companies law today

State Council to conclude its discussions on Commercial Companies law these days

The Draft Commercial Companies law was referred by the Council of Ministers, along with the report of the Economic committee of the council and the report of Majlis A’Shura, stated a press release.

H E Dr Mantheri mentioned the discussions would conclude at the sixth normal session to be held on Wednesday.

He added that the sixth session would talk about and approve the final version of the guidelines of process of the State Council, previously discussed by the council bureau. It will also talk about the study on evaluation of the land laws of the sultanate, submitted by the Legal committee, and a quantity of perform associated reports.

Hon Sheikh Mohammed bin Abdullah al Harthy, head of the Economic committee, referred to the council bureau’s statement on the draft law on Commercial Companies and stated that the draft law contained 312 articles, divided into 5 principal components, with sub-divisions.

Part 1 bargains with basic provisions component two is devoted to businesses of solidarity and recommendation the third component is associated to the organization contribution component 4 bargains with the articles on restricted liability organization, although the articles of component 5 consists of inspection, penalties and final clauses.

The session witnessed substantial discussions and the members voiced their opinion that the new law should supply a favourable climate for investment, and encourage, and attract a lot more domestic and foreign investment.

The council will conclude discussions pertaining to the draft law at its sixth meeting, on Wednesday.

Information Source: Muscat Daily

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