ISLAMABAD - The federal government Monday formed a committee to establish Resolution Trust Corporation (RTC), preferably in the government sector, to act as corporate restructuring company for a period of two years till the enactment of proposed Corporate Rehabilitation Act. The members of the committee, constituted by the Ministry of Finance to review and finalise the draft Corporate Rehabilitation Act (CRA), met here under the chairmanship of Salman Ali Shaikh, Acting Chairman Securities and Exchange Commission of Pakistan (SECP). Apart from the Committee members, special invitees included Senior Partner AF Ferguson & Co Syed Muhammad Shabbar Zaidi, MPA Anwar Saifullah, Javaid Shafiq Siddiqi from ICC Textiles representing the Weaving sector, Zubair Gilani from MAXCO (Pvt) Ltd representing knitted garments sector, and Saeed Ahmad Jabal from Inter Loop representing socks sector, says an SECP statement issued here. Syed Muhammad Shabbar Zaidi gave a detailed presentation covering different aspects of the draft CRA. He stressed upon the need of forming a Resolution Trust Corporation (RTC) - an entity to be formed preferably in the government sector to intervene and act as Corporate Restructuring Company (CRC). The intended RTC will be created for a very limited period (i.e. two years) with a well-defined sunset clause and it is intended that it will cease to exist when CRA is enacted and all its provisions are enabled. Anwar Saifullah explained in detail the problems faced by the sick industries in the NWFP to the committee members. This was followed by presentations from textile sub-sector specialists who put forward the problems faced by their respective sectors and also gave their views on the draft CRA. It was decided in the meeting that the lawyers in the committee from SECP, Ministry of Finance, Ministry of Law and the specialist legal consultant will start their deliberations immediately to revise the draft CRA and take into consideration the comments being received from all stakeholders. The SECP expected to meet its committed deadline of completing the review of the draft CRA by April 30, 2009 and forward the same to Ministry of Finance for legal enactment.