ISLAMABAD: The Senate Standing Committee on Commerce on Wednesday threw a spanner in the government`s plan to privatise theStateLifeInsurance Corporation (SLIC) by approving amendments to the bill presented by the commerce ministry.

The committee, chaired by Senator Syed Shibli Faraz, approved the amendments which deleted the definition of privatisation from the State Life Insurance Corporation (Re-Organisation and Conversion) Bill of 2016.

The bill was forwarded by the Ministry of Commerce to restructure the SLIC and convert it into a `company`.

However, Commerce MinisterKhurram Dastgir said the ministry disagreed with the proposed amendments. Senator Rahila Magsi of the PML-N was also among the opponents.

However, the Senate committee approved the bill with majority vote with the inclusion of several amendments,whichweremainly suggested by Saleem Mandviwalla of PPP.

`The committee has burnt the midnight oil to propose amendments in the said bill and intends to protect the interests of the policyholders and employees of the SLIC, observed Senator Faraz.

A new section, numbered 6 and titled `Shareholding and Management Control in the Company`, has been added to the bill.

The amendments to the bill said that representation on the board of directors of the company or any ofits subsidiary companies in insurance business has to be proportionate to their shareholding.

The management control of the company and any of its subsidiary companies has to be with the majority shareholding which will remain with the federal government and whose share shall not be less than 75 per cent at any time.

The remaining 25pc shares of the company shall be enlisted on the Pakistan Stock Exchange, immediately after being incorporated, in accordance with the listing regulations.

Moreover, `No person shall, directly or indirectly, purchase more than 5pc shares of the company without making a public disclosure and complying with the procedure provided in the Securities Act of 2015.