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, Senator Khalid Ranjha, and Abdul Hameed Chaudhry.
The meeting decided that CLRC would proceed with identification of the issues that need to be addressed while reviewing the Companies Ordinance, 1984. To this end, the CLRC agreed to examine the emerging norms in the Company law across various jurisdictions and to invite comments from stakeholders including representative bodies of lawyers and accountants, business community and from the general public.
In order to facilitate the public, the CLEC has agreed to set up subcommittees to meet public representatives in major cities. The CLRC placed considerable emphasis on feedback from the public and end users of the Companies Ordinance, 1984 and agreed to continue efforts to engage the public throughout its tenure.
The CLRC agreed to work on a concept paper, which would identify the future direction for the corporate sector with the objective of encouraging corporatisation, allowing for progressive development of the corporate sector and to enhancing corporate compliance.
Next meeting of CLRC will be held in Karachi on January 7, 2006 to discuss the draft of concept paper for revision of the Companies Ordinance, 1984.