ISLAMABAD, Dec 6: The Corporate Law Review Committee (CLRC) here on Monday agreed to set up a sub-committee that would meet public representatives in various cities to assess the adequacy of the Companies Ordinance, 1984, for the sustained development of a liberal, deregulated, efficient and cost effective corporate sector.

This move was taken in the first meeting of the CLRC held here at the Securities and Exchange Commission of Pakistan (SECP). The meeting was presided over by the former Chief Justice of Pakistan, Mohammad Ajmal Mian.

It was decided in the meeting that the CLRC will proceed with the identification of the issues that needed to be addressed while reviewing the Companies Ordinance, 1984.

To this end, the CLRC has agreed to examine 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 CLRC has agreed to set up sub-committees to meet public representatives in the major cities of Pakistan. The CLRC has placed considerable emphasis on feedback from the public and end users of the Companies Ordinance, 1984 and has agreed to continue its efforts to engaging the public throughout its tenure.

The CLRC has agreed to work on a concept paper, which will identify the future direction for the corporate sector with the objective of encouraging corporatization, allowing for the progressive development of the corporate sector and to enhance corporate compliance.

The second meeting of the CLRC is proposed to be held in Karachi on January 7, to discuss the draft concept paper for revision to the Companies Ordinance.

The meeting was attended by Chairman SECP, Dr Tariq Hassan, Ms. Musharraf Hai, Sohail Hassan, Tehsin Iqbal, Qazi Jamil, Senator Khalid Ranjha, and Abdul Hameed Chaudhry.