Very recently the Company Law of Pakistan has been amended, vis-à-vis International Accounting and Auditing Standards. The Regulators in Pakistan have also introduced the corporate governance concept. With introduction of these amendments which were made in line with rapid changes happening globally, the concept of quality control review in its present form has also been introduced by the Regulators of Accounting profession – The Institute of Chartered Accountants in Pakistan, which is an institution of international repute and recognition. Introduction of these amendments require that the existing governing statute – Chartered Accountants Ordinance, 1961 should also be amended accordingly. The law firm – M/s Faisal Kamal & Arshad Hussain Advocates is engaged in drafting all the requisite legislative amendments proposed to be made in the law by the Parliament. In this regard very recently a draft prepared by the law firm has been sent to the Federal Government for tabling it in the Parliament.

Being legal advisor of Export Processing Zone Authority, the law firm was assigned the task of handling legal issues in respect of development of a new Zone by the name K.E.P.Z. Phase-II (Karachi Export Processing Zone Phase-II). The entire legal framework for this new free Zone was successfully handled by the law firm till its completion. The assignment included negotiation, formulating and drafting of commercial contracts relating to engineering, civil works and other ancillary issues. Also standardized agreements were prepared taking into consideration both; incentive oriented package for prospective investors while safeguarding the interest of the Regulator/Authority EPZA (Export Processing Zone Authority). In the later stage, nature of contracts drawn up by the law firm included the consultant contract for supervising the entire development of the above named free Zone – KEPZ Phase-II.

The law firm represented one of the largest Chinese Construction company, namely, Messrs. China Road & Bridge Corporation, to handle its dispute with Provincial Government (Government of Sindh) in respect of its claim and counter claim of various nature that culminated into arbitration proceedings. Eventually, the matter was resolved by way of award handed down by the arbitrators appointed by each party. Primarily, the subject matter relates to Asian Development Bank funded project for Provincial Highways.

Presently the services of law firm have been engaged by Pakistan Steel Mills – the largest industrial unit of the Country – to represent it in an arbitration dispute, which is pending adjudication. The approximate worth of claim and counter claim is U.S. Dollars Ten million.