Who Owns Pakistan - Yimg

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Law Authority will soon seek public comments on proposed Companies Court Rules with regard to windig up of companies. The Chief Justice of Pakistan asked us to write down the rules (about winding up the companies) and they are voluminous at the Companies Ordinance. Comments of Honorable Judges of High Court have already been received and I am glad to say that these have been approved recently. Within two months, the draft rules are expected to be public for public comments" he had said emphatically. Ironically, Irtaza Hussain has been member of every commission, committee or working group set up by successive governments during last eight years but the need to require the big business to publish consolidated group accounts and promulgate rules about liquidation of sick companies has apparently withered away and therefore, has not been mentioned by any working group or committee seeking to reform the corporate sector. The company law, 1984 required all the private limited companies to go public if their paid up capital exceeded Rs 50 million. However, there are score of private limited companies with annual turnover ranging between several hundred million to 2 billion rupees but they have not gone public. These include Mohammad Amin Mohammad Bashir (pvt) Ltd, the parent company of Crescent Group, Alnoor Fertilizer Industries, Jaffer Bros, Dawood Corporation, Tabani Corporation, Arfeen International owning Pakistan's biggest oil tanker, Ghani and Tayyab (pvt) Ltd of Haji Tayyab, Ittefaq Foundary, Shahnawaz Ltd and Mercury Corporation. How CLA has facilitated people to make quick money can also be illusterated by the following example. Allied Bank Ltd (ABL) President Khalid Latif was arrested by Federal Investigation Agency (FIA) on January 11, 1995 for financial bungling relating to Allied Bank Modaraba. According to complaint, a section officer of Ministry of Finance, Khalid Latif had drawn Rs 30 million from a branch of his own bank, in the name of Pak Trading Company, set up, on the security of fake export bills. The amount was used by him to purchase shares of Allied Bank Modaraba, in the name of eight different persons. Similarly Yunus Habib Chief Executive Officer (CEO) of Mehran Bank, now serving prison was accused to have incorporated 27 fake companies in whose name he was drawing money from his own bank. Schon group is reported to have set up string of fake companies to withdraw Rs 662 million from National Fibre after its privatization. How a fake company can be floated and shares can be bought in the name of eight different persons prove that 125
something is very wrong with the Corporate Law Authority which registers the companies and oversees the floating of shares. Previously we have already elaborated How Pakistan Services Limited (PSL) was used by Hashwani to make a chain of subsidiaries in Pakistan, UK and USA. 126
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Who Owns Pakistan By Shahid-ur-Rahm
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G: UBL Privatization Bid ..........
Page 6 and 7:
Pakistan's Robber Barons ..........
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A Brief introduction - For those wh
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Prologue "I Nawaz Sharif, do solemn
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Nawaz Sharif was not an individual.
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A white paper on " Economy under Bh
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The first Nawaz government was foll
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Another remarkable person mentioned
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Dawood lost Karnaphuli Paper Mills,
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disprove that bulk of the banking a
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perpetuated their control over the
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Kohat Cement, Dandot Cement and Tha
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Earlier in this chapter, we have li
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Insurance companies of 22 families
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Born in Rangoon, M A Rangoonwala ha
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Crescent was a joint venture of fou
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Privatization - Turning the Clock B
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day Privatization Conference in Isl
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Independant Resource Group (IRG) of
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companies, management was to be tra
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Accelerated privatization under a f
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Finance Minister took a conscious d
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clauses and buyers have committed b
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22nd May, 1989 suggested a strategy
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Pakistan Petroleum Limited (PPL) to
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group but thanks largely to the ala
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caretaker govt. to recover Rs 1,500
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Pakistan, had incorporated Muslim C
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Cement for Rs 137 million and Rs 18
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5-star hotel. Bhutto who had planne
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For example, PSL is being managed b
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According to the Khalid Anwar, Burm
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also been assigned to the shelves o
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32 Harijanss 61 - 61 33 Shafi 60.2
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21 Sargodha 2,743 -- 22 Al-Noor 2,5
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had opened their offices in Japan,
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East, REDCO Textile Mills and Const
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4 billion and a roaster of impressi
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The geographic location of the comp
Page 82 and 83: Haroon's great grandfather had migr
Page 84 and 85: Gujrati and tended to be organised
Page 86 and 87: 9 Karim 3 10 Hasham 2 11 Latif Jama
Page 88 and 89: At present, the Kaiser Monnoo group
Page 90 and 91: Sugar Mills and Samundri Sugar Mill
Page 92 and 93: " The days immediately after nation
Page 94 and 95: fortunes which were multiplied, in
Page 96 and 97: the pioneer Muslim industrialist in
Page 98 and 99: According to Lawrence White, top se
Page 100 and 101: Beginning of Bad Loans Bhutto's nat
Page 102 and 103: Jang, Rawalpindi of December 14, 19
Page 104 and 105: 8 Saigol 1,086 9 Naqvi 1,056 10 Zah
Page 106 and 107: 10, 1997, the Supreme Court observe
Page 108 and 109: Prime Minister Nawaz Sharif will gl
Page 110 and 111: specific tax holidays. It was not c
Page 112 and 113: This decision is based on personal
Page 114 and 115: oil". It is not difficult from the
Page 116 and 117: In the fiscal year 1991-92, Messers
Page 118 and 119: 21 Hussain Nawaz Sharif 3,285,6813
Page 120 and 121: The voiceless small investors have
Page 122 and 123: Chapter Four - Pakistan's Tax Web P
Page 124 and 125: 28. Ushr 29. Oilseeds Development C
Page 126 and 127: political heavyweights or their hen
Page 128 and 129: Export Duties It is one of the most
Page 130 and 131: Capital Gain Tax As is evident from
Page 134 and 135: Chapter 5 - Money and Politics Elec
Page 136 and 137: Some of the known units of Saifulla
Page 138 and 139: These charges were peanuts when vie
Page 140 and 141: In the references about Lakeview Ho
Page 142 and 143: Epilogue For several years, the peo
Page 144 and 145: One wonders how a government that c
Page 146 and 147: accustomed to buying his casual out
Page 148 and 149: 141
Page 150 and 151: chemicals, synthetic fibres, cookin
Page 152 and 153: Iqbal Saigol S. No Name Assets Turn
Page 154 and 155: In a communication to the author in
Page 156 and 157: Dewan Listed Companies S. NO Names
Page 158 and 159: conference in Islamabad, on March 2
Page 160 and 161: Listed Companies S. No Company Asse
Page 162 and 163: when the Rserve Bank of India faile
Page 164 and 165: 10. Noble Computer Services (pvt) L
Page 166 and 167: Syed Maratib Ali was a well known n
Page 168 and 169: Unlisted Companies 1. Clearance and
Page 170 and 171: Akbar Hashwani 1. Hashwani Construc
Page 172 and 173: Dawood Cotton Mills was set up in 1
Page 174 and 175: 5. Margalla Textile 6. Rawal Textil
Page 176 and 177: Lakhani (Lakson) Lakhanis have grow
Page 178 and 179: 6 Husein Sugar 358 560 7 Shadman Te
Page 180 and 181: Unlisted Companies 1. Ibrahim Agenc
Page 182 and 183:
4 B F Modaraba 16 16 5 Bawany Air 5
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Financial Assets 5 Schon Bank 1,994
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Mian Mohammad Ismaeel Sheikh was a
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1 Mubarik Textiles 346 119 2 Fatima
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1 K S B Pumps 343 385 2 Adamjee Pap
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Independently his group has four co
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Bibliography 1. 50 years presentati
Page 196 and 197:
63. The sick industary therapy, art
Page 198:
29. Hotelier in Pakistan looks for
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Who Owns Pakistan - Yimg

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