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Company law review body to identify issues for revision

ISLAMABAD (December 07 2005): The first meeting of Corporate Law Review Commission (CLRC) was held at the Securities and Exchange Commission of Pakistan (SECP) to amend the Companies Ordinance 1984 in line with the best practices. The meeting was chaired by Muhammad Ajmal Mian, and participants included SECP Chairman Dr Tariq Hassan, Musharraf Hai, Sohail Hassan, Tehsin Iqbal, Qazi Jamil, ...

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SECP issues clarification regarding directive to LSE

ISLAMABAD (December 03 2005): The Securities and Exchange Commission of Pakistan (SECP) has clarified that the SECP directive issued to the Lahore Stock Exchange (LSE) on November 29, 2005, was capable of immediate implementation without reference to the general body of the LSE. According to SECP, under Regulation '7.04' of the General Rules and Regulations of the LSE, the LSE ...

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Karachi Stock Exchange not to accept SECP decision

KARACHI (December 02 2005): The brokers on the Karachi Stock Exchange (KSE) have decided to hold elections as per schedule for the next year member directors on Thursday. According to the sources, several brokers held an informal meeting at the KSE around 3.00 pm at the auditorium and decided not to pursue the stock market regulator, the Securities and Exchange ...

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CBR opposes Petroleum ministry's move to end duty and sales tax

ISLAMABAD (December 03 2005): The Central Board of Revenue (CBR) has strongly opposed a proposal of Ministry of Petroleum and Natural Resources to withdraw 5 percent customs duty and 15 percent sales tax on import of liquefied petroleum gas (LPG). Sources told Business Recorder on Friday that both the sales tax and the customs departments have calculated negative impact on ...

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Atlas Group takes over Dawood Bank

KARACHI (November 30 2005): Atlas Group has taken over Dawood Bank Ltd in Karachi on Tuesday. According to market sources, around 154 million shares held by Hussain Dawood and family have been bought at Rs 11.70 per share. Atlas Investment Bank and Atlas Leasing Company are to be merged into the commercial bank in order to raise its capital and ...

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SBP announces 'Basic Banking Accounts' scheme

KARACHI (November 30 2005): The State Bank of Pakistan (SBP) has introduced 'Basic Banking Account' (BBA) to help the poor masses of Pakistan to avail the banking services, without putting large amounts in the banks. The central bank has asked all commercial banks to implement this type of account immediately. BBA can be opened in any bank, operating in Pakistan, ...

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PriceWaterhouseCoopers (PwC) Study: Fraud Mostly Detected by Chance

Despite tough regulations aimed at improving corporate governance, financial fraud is still on the rise around the world, and most is still detected by chance, a study from auditing firm PriceWaterhouseCoopers (PwC) showed Tuesday, according to Reuters. Globally, the number of companies that reported financial fraud increased 22 percent in the last two years, according to the PwC study, which ...

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U.S. Multinationals Looking to Technology for Improvements in Future SOX 404 Efforts: PW Survey

Nearly half of senior executives of U.S Multinationals say their company made only satisfactory use of technology in support of its initial Sarbanes-Oxley Section 404 compliance efforts, but major reinforcements are on their way for Year Two, according to a recent survey by PricewaterhouseCoopers. In fact, three in four U.S. multinationals will be making significant technology changes, directed almost equally ...

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CA and PricewaterhouseCoopers Team up on Asset Management

CA is melding its management software solutions with PricewaterhouseCoopers’ (PWC) strategic approach to business to address IT enterprise assets. In an announcement Wednesday, the firms said they will utilize PWC’s methodology for IT Asset Management (ITAM) to examine asset management issues including security, business continuity, compliance, process automation, and contract management. CA will bring its ability to automate core asset ...

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