February 7, 2006	Tuesday	Muharram 8, 1427

ISLAMABAD, Feb 6: The Corporate Law Review Commission (CLRC) will hold its first regional public meeting in Karachi next month for inviting stakeholders’ comments in order to integrate the local factor and international best practises while reviewing the Companies Ordinance 1984.

The meeting will be held on March 10. It will be attended by the three permanent members of the regional sub-committee, CLRC chairman and Chief Justice of Pakistan (Retd) Ajmal Mian, Dr Tariq Hassan, Secretary to the CLRC and Amber Dar. Resident member from Karachi Sohail Hasan would also attend the meeting.

Sources privy to the review commission told Dawn that the CLRC was deliberating over the socio-economic impact of the Companies Ordinance on the daily life of citizens. The ordinance was encountering a number of problems including the development of the single market and the opportunities for cross-border trade and share ownership, which needed to be addressed.

The focus of CLRC, they said, should be on the protection of stakeholders apart from redressing the balance in favour of promoting business activity. The amendments needed to give more emphasis to the information needs of stakeholders.