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{
    "id": 902039,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/902039/?format=api",
    "text_counter": 279,
    "type": "speech",
    "speaker_name": "Hon. Ndindi Nyoro (",
    "speaker_title": "",
    "speaker": {
        "id": 13370,
        "legal_name": "Samson Ndindi Nyoro",
        "slug": "samson-ndindi-nyoro"
    },
    "content": "Hon. Temporary Deputy Speaker, I have major problems on two amendments. One is on the Companies Act, and the other one is on the Merchant Shipping Act. One of the issues that I feel we need to look at is the amendment on the definitions of a small company. The kind of private sector we have in the country is dominated by Small and Medium Enterprises (SMEs). We should be doing everything possible to support the small companies to transit from being small to medium and then to large companies. There are many advantages when a company is categorised as a small company, especially with regard to taxation. Therefore, for us to decrease the number of employees a company should have from 50 to 25, we will be taking a lot of advantages from the previously categorised small companies. Also, one of the major issues I have seen in the amendments on the Companies Act is takeover. Our capital market is shrinking by the day and the Nairobi Securities Exchange (NSE) is diminishing. We have many companies delisting than those listing. One of the major issues in doing business especially trading in shares is something called violent takeover where a person comes into the company and acquires shareholding with an intention to push, especially the small shareholders out of the register of that book. We have previously seen violent takeovers happening even in our own NSE. A company like Rea Vipingo The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor."
}