Committee to review Corporate Rehabilitation Act meets.

ISLAMABAD, 28 April , 2009 (Balochistan Times) -- The meeting of the Committee, constituted by the Ministry of Finance to review and finalize the draft Corporate Rehabilitation Act (CRA), was held here Tuesday. The meeting was chaired by Salman Ali Shaikh, Chairman, Securities and Exchange Commission of Pakistan (SECP). A detailed presentation was made by Sultan Mazhar Sher, Director Law of SECP, on behalf of the legal team, covering the proposed amendments made thus far in the draft CRA, says a statement issued by the Commission here today. Muneeb Zia from Ministry of Finance presented the proposed structure and legislative design of Corporate Restructuring Companies (CRCs). He informed the committee that incorporation of Corporate Restructuring Companies would be under the CRA. To take bankers on board regarding the proposed amendments in draft law, a meeting with members of Pakistan Banking Association (PBA) will also be held in Karachi on May 04, 2009. Apart from the Committee members, the meeting was attended by Syed Muhammad Shabbar Zaidi, Senior Partner A. F. Ferguson & Co. Azhar Paracha from Habib Jute Mills Limited representing Jute sector, Asif Kamal from Tricon Developers and Muhammad Arshad from Eden Builders representing Real Estate sector, Bashir Ali Mohammad from Gul Ahmed Textile Mills Ltd., representing Textile sector, who were specially invited for the meeting.

(THROUGH ASIA PULSE)