KARACHI, Jan 9: The Corporate Laws Review Commission (CLRC) is in the process of developing a concept paper, which will identify future direction for the corporate sector with the objective of encouraging corporatization, allowing for the progressive development of the sector and enhancing corporate compliance.

A press release issued by the Securities & Exchange Commission of Pakistan (SECP) on the conclusion of the second meeting of CLRC held at its Company Registration Office in Karachi on Saturday, stated that the concept paper developers will be informed of the comments received from the stakeholders.

The CIRC meeting, held under the chairmanship of Chief Justice of Pakistan Justice (Retd) Ajmal Mian, was attended by Senator Dr Khalid Ranjha, Razzak Dawood, Ms Musharraf Hai, Sohail Hasan, Qazi Jamil, Hameed Chaudhry and Dr Tariq Hassan, chairman SECP. Ms Amber Dar attended in her capacity as the Secretary to the CLRC.

The SECP press release said that since its first meeting held on December 6, 2005 in Islamabad, the CLRC had sought stakeholders’ opinion and comments through letters addressed to the representatives of leading professional associations as well as lawyers throughout Pakistan. Comments had also been invited from the general public through advertisements in the leading daily newspapers of the country.

“The CLRC members were pleased to note that a large number of people had responded to its call and had submitted opinions and comments for its consideration,” the press release said and added that in order to accommodate those persons who have sought more time for submission of their comments, the CLRC recommended that the receipt of comments should be an ongoing process.

The CLRC is said to have reaffirmed the importance of comments from the public and the stakeholders and the consultative process in law-making in order to ensure that the conceptual framework for a new law or amendments to the existing law, as the case may be, truly addresses indigenous concerns. To this end, the CLRC proposed that in addition to meeting with those who had specifically requested to appear before a sub-committee of the CLRC, meetings will also be held with stakeholders throughout the country over the course of the next two months.

The CLRC also agreed to form specialized sub-committees to examine such areas of the Companies Ordinance, 1984, as are within their area of expertise.

“The third meeting of the CLRC is proposed to be held in Lahore on February 4, 2006 to finalize the concept paper,” the SECP press release stated, adding that meetings of the sub-committees of the CLRC are to be arranged in due course.