ISLAMABAD, Feb 9: A meeting of the committee constituted by the Ministry of Finance to review and finalise the draft Corporate Rehabilitation Act (CRA) was held here on Monday.

Acting Chairman Securities and Exchange Commission of Pakistan (SECP) Salman Ali Shaikh presided over the meeting that saw brief presentation on the conceptual design of the draft CRA by experts.

Feisal Naqvi, an expert, also gave a presentation on the legal aspects of the draft law.

Tariq Mehmood, Chairman All Pakistan Textile Mills Association (Aptma) gave a presentation wherein he highlighted the problems faced by the textile sector.

It was decided that the members would meet fortnightly and finalise the CRA within the stipulated time period of three months. The committee members also decided to seek views and suggestion from the stakeholders. For this purpose, copies of the draft CRA would be sent to a select group of around 40 people.

Sultan Mazhar Sher, Director (Law), SECP; Raja Akhlaq Hussain, Additional Draftsman, Law & Justice Division; Muneeb Zia, Legal Expert, Finance Division; Inayat Hussain, Director (BID), SBP; Feisal Naqvi, Advocate; Tariq Mehmood, Chairman Aptma; Zubyr Soomro, Ex-MD and Pakistan Country Officer, Citibank Pakistan; Sikandar Mustafa Khan, Chairman, Millat Group of Companies; Tasleemuddin A. Batlay, Director, Colgate Palmolive Pakistan Limited; Ali Munir, Senior EVP MCB Bank (Representative of Pakistan Bank’s Association); and R A Chughtai, President SME Bank are the other members of the committee.