The third meeting of the Corporate Laws Review Commission (CLRC) was held in Lahore at Company Registration Office of the Securities and Exchange Commission of Pakistan (SECP).
The meeting was chaired by Justice Ajmal Mian and was attended by Razak Dawood, Qazi Jamil, Dr Tariq Hassan, Sohail Hasan, Hameed Chaudhary and Tahsin Iqbal Khan. SECP Chairman Razi-ur-Rahman Khan and Company Law Division Commissioner Rashid Malik, who have been inducted as members of the CLRC, also attended the meeting.
A press release said that the CLRC deliberated upon the draft concept paper for the development and regulation of the corporate sector. The members of the CLRC unanimously agreed upon the conceptual approach for the redrafting or the amendment of the law, as the case may be.
Specifically, it was agreed that the law should be made clear, concise and comprehensible; it should lay down the rules governing 'core company law' so that the basic principles governing the operation of corporate entities from registration to winding up may be available in a single, comprehensive framework. Most importantly, it was agreed that the law, while embracing international best practices, should be suitable to the local environment.
In order to facilitate public opinion and stakeholder comments, the CLRC has decided to hold its first regional public meeting in Karachi on March 10, 2006. The meeting will be attended by the three permanent members of the regional subcommittee, CLRC Chairman Justice Ajmal Mian, Dr Tariq Hassan, and Secretary to the CLRC Amber Darr. Sohail Hasan, resident member from Karachi, will also attend this meeting.
Members of the public and selected stakeholders will be invited to make presentations before the regional subcommittee. The comments received from the public will be taken into consideration at the time of redrafting or amending the law, as the case may be.
The next meeting of the CLRC will be held in Karachi on March 11, 2006 to further deliberate upon the desirable concepts for the proposed redrafting or amendment of the Companies Ordinance, 1984.