Whatsapp

" LAW REFORMS REGARDING SMALL PRIVATE   LAW REFORMS REGARDING SMALL PRIVATE COMPANIES IN PAKISTAN   By Muhammad Shahid Gull Advocate High Court, Islamabad   Pakistan is an economy comprising mainly of SMEs1.   They have been playing an effective role with different perspectives such as creating jobs, strengthening the entrepreneurial culture and giving boost to the national economy and many more. In order to fortify and promote sivlEs2, it is high time to take a step to encourage them while making the UK legislation as role model in order that they could work at fast pace and could be able to equate with other nations' SMEs.   Therefore, we would have to overhaul the legal framework of private companies under the CO, 1984 and would need to appreciate the efforts made in previous years in this regard to modernize and simplify the company legislation. Here, it is partner to applaud and commend the efforts of Corporate Laws Review Commission (CLRC) made in the year of 2006 as to bringing radical changes. However, this work unfortunately could not be carried on incessantly. It is desirable to highlight the objective of the CLRC, which evinces the vision of the Concept Paper for the development and regulation of the Corporate Sector published by SECP which reads as follows:--   "It is necessary to carry out a holistic examination of the Ordinance in order to assess: (a) the relevance of its objectives in the current economic environment; (b) the adequacy of its provisions, not only for the achievement of its avowed objectives, but for the creation and maintenance of a liberal, deregulated and efficient corporate sector; (c) its capacity to allow for the balanced growth of corporate enterprises, particularly SMEs; and (d) the extent of its…