FAISALABAD

The Securities and Exchange Commission of Pakistan (“SECP”) in collaboration with the Faisalabad Chamber of Commerce and Industry (“FCCI”) organized a consultative session on the draft Companies Bill at FCCI.

The invitees of the Session included eminent chartered accountants, lawyers, corporate consultants, professionals, businessmen including Mian Muhammad Adrees, Chairman Sitara Group and company secretaries of leading companies. The Session was attended by the Executive Committee of FCCI and senior officials of the SECP including Mr. Tahir Mahmood (Commissioner Company Law Division), Mr. Abdul Rehman Qureshi (Advisor to the Commission), Mr. Jawed Hussain (Registrar of Companies) and officers of the Company Registration office Faisalabad.

The Session started with the inaugural note by Ch. Muhammad Nawaz, President FCCI followed by a welcome speech by Mr. Tahir Mahmood. A detailed presentation was made by Mr. Jawed Hussain, Registrar of Companies to the participants on the substantial changes proposed through the draft Bill. The main objects of the presentation included; providing facilitation to the corporate sector and other stake holders, strengthening the existing regulatory frame work, steps towards adoption of technology, specific provisions to safeguard the rights and interests of strategic investors and to attract foreign investments and new concepts adopted by international jurisdictions.

The presentation was followed by a very productive feedback from the participants on various aspects of the draft Bill; especially Mian Muhammad Adrees, Chairman Sitara Group who appreciated the role of SECP in consulting the business community.

He also made a note to the audience on the role played by SECP and encouraged them to give their constructive feedback for finalization of the draft Bill. The response of Chairman Sitara Group was welcomed and appreciated by the SECP. The feedback of the participants was noted for further deliberation at the relevant quarters and for finalizing the draft Bill.

The SECP further plans to hold a series of consultative sessions at various other cities across Pakistan in order to have maximum participation and feedback.