ISLAMABAD, Feb 14: The Corporate Laws Review Commission (CLRC), which has been established by the Securities and Exchange Commission of Pakistan (SECP) to carry out a review of the Companies Ordinance, 1984, has commenced the exercise of redrafting the law.

The redrafting of the ordinance is being carried out in accordance with the approach and decisions made in the CLRC meetings and fully incorporated and reflected in its concept paper, international best practices and the comments received from the stakeholders, especially in presentations made before the sub-committee meetings.

An official statement issued here on Wednesday stated the exercise to draft the proposed new company law has been entrusted to a Pakistani firm of lawyers/consultants. They have submitted a draft of the first few sections of the new law, which will be deliberated upon by members of the CLRC in a meeting likely to be held next month.

The commission had estab-lished the CLRC on November 6, 2005 under the chairmanship of Justice Ajmal Mian to undertake the essential exercise of carrying out a holistic examination of the Companies Ordinance in the light of international best practices and public feedback.

In order to facilitate the public, the CLRC set up sub-committees to meet representatives of various professional, financial, commercial, and industrial associations and the public in Karachi, Lahore , Peshawar and Quetta.

The CLRC has placed considerable emphasis on feedback from the public and the end-users of the Companies Ordinance, 1984 and agreed to continue its efforts to engaging the public throughout its tenure. The final draft of the concept paper has been submitted to the SECP and placed on the web site of the CLRC for public consultation. Since its establishment a number of meetings of the CLRC and its sub- committees have taken place and the members have met a large number of stakeholders and the end-users in this regard.