Sector: Telecommunication Laws
Azam & Rai filed a Writ Petition against the Pakistan Telecommunication Authority (PTA) on behalf of Wateen Telecom Ltd. in the Rawalpindi Bench of the Lahore High Court in a dispute related to the payment of Access Promotion Contribution (APC) for the Universal Service Fund (USF) under the Access Promotion Regulations, 2005, pursuant to the Access Promotion Rules 2004 and the Pakistan Telecommunication (Re-Organization) Act, 1996.
Wateen Telecom, a subsidiary of the Dhabi Group, is one of 14 Long-Distance International (LDI) Licensees in Pakistan.
04 November 2009
02 September 2009
Azam & Rai advises domestic investors on establishment of a Non-Banking Finance Company (NBFC) as a Fund Management Company (FMC)
Sector: Corporate Laws
Azam & Rai has advised domestic investors dealing in options trading on the establishment of a Non-Banking Finance Company (NBFC) as a Fund Management Company (FMC) for their proposed venture capital investment business.
Azam & Rai has advised domestic investors dealing in options trading on the establishment of a Non-Banking Finance Company (NBFC) as a Fund Management Company (FMC) for their proposed venture capital investment business.
01 August 2009
Supreme Court of Pakistan declares imposition of emergency rule and removal of 60 judges by Pervez Musharraf in 2007 "unconstitutional" and "illegal"
ISLAMABAD: In a landmark judgment delivered in the petition titled Sindh High Court Bar Association vs. Federation of Pakistan, a 14-member Full Bench of the Supreme Court of Pakistan (http://www.supremecourt.gov.pk/) has declared the November 3, 2007 imposition of Emergency Rule in Pakistan and removal of 60 Supreme Court and High Court judges by then President General Pervez Musharraf in his capacity as the Chief of the Army Staff as "unconstitutional", "illegal" and of "no legal effect".
The Supreme Court has further declared the following actions as unconstitutional and of no legal effect:
(i) the appointment of Justice Abdul Hameed Dogar as the Chief Justice of Pakistan on November 3, 2007;
(ii) the appointment and elevation of 110 judges of the superior courts between November 3, 2007 and 22 March, 2009;
(iii) the increase in the number of permanent Supreme Court judges from 17 to 27 through the Finance Act, 2008;
(iv) the establishment of the Islamabad High Court through a Presidential Ordinance.
It may be pertinent to recall that, on November 3, 2007, President Musharraf, who was unconstitutionally simultaneously holding two offices - that of President and Chief of Army Staff - had declared emergency to remove the Chief Justice of Pakistan and 59 other Judges of the Supreme Court and High Courts as he feared that the Supreme Court would disqualify him from standing for a second term as President. In a move that was unprecedented in Pakistan's and the world's judicial history, Musharraf moved to impose emergency to remove 60 judges of the Pakistan's superior judiciary to pre-empt the Supreme Court from disqualifying him.
The judgment will affect 110 judges of various superior courts: 15 judges of the Supreme Court; 41 of the Lahore High Court; 27 of the Sindh High Court; 10 of the Peshawar High Court, all 5 of the Balochistan High Court; 8 of the Islamabad High Court; and 4 of the Federal Shariat Court.
This historic judgment of the Supreme Court has been well received by the people of Pakistan and widely acclaimed by the legal community as it seen to strengthen constitutional rule, the rule of law, accountability and democracy in Pakistan.
The Supreme Court has further declared the following actions as unconstitutional and of no legal effect:
(i) the appointment of Justice Abdul Hameed Dogar as the Chief Justice of Pakistan on November 3, 2007;
(ii) the appointment and elevation of 110 judges of the superior courts between November 3, 2007 and 22 March, 2009;
(iii) the increase in the number of permanent Supreme Court judges from 17 to 27 through the Finance Act, 2008;
(iv) the establishment of the Islamabad High Court through a Presidential Ordinance.
It may be pertinent to recall that, on November 3, 2007, President Musharraf, who was unconstitutionally simultaneously holding two offices - that of President and Chief of Army Staff - had declared emergency to remove the Chief Justice of Pakistan and 59 other Judges of the Supreme Court and High Courts as he feared that the Supreme Court would disqualify him from standing for a second term as President. In a move that was unprecedented in Pakistan's and the world's judicial history, Musharraf moved to impose emergency to remove 60 judges of the Pakistan's superior judiciary to pre-empt the Supreme Court from disqualifying him.
The judgment will affect 110 judges of various superior courts: 15 judges of the Supreme Court; 41 of the Lahore High Court; 27 of the Sindh High Court; 10 of the Peshawar High Court, all 5 of the Balochistan High Court; 8 of the Islamabad High Court; and 4 of the Federal Shariat Court.
This historic judgment of the Supreme Court has been well received by the people of Pakistan and widely acclaimed by the legal community as it seen to strengthen constitutional rule, the rule of law, accountability and democracy in Pakistan.
13 July 2009
Azam & Rai drafts tripartite software licensing agreement between Pakistani, British and U.S. software companies
Sector: Information Technology Laws
Azam & Rai was engaged to draft a tripartite software licensing agreement between a Pakistani software development company, a British software company and the U.S. subsidiary of a leading French software company on the licensing of two software solutions developed by the Pakistani software development company and its affiliated company in the United Kingdom to be rebranded and sold under license in North America by the U.S. subsidiary of a French software company.
Azam & Rai was engaged to draft a tripartite software licensing agreement between a Pakistani software development company, a British software company and the U.S. subsidiary of a leading French software company on the licensing of two software solutions developed by the Pakistani software development company and its affiliated company in the United Kingdom to be rebranded and sold under license in North America by the U.S. subsidiary of a French software company.
10 July 2009
Azam & Rai advises on cross-border multi-party project along with two leading U.S. law firms
Sector: Corporate Laws
Azam & Rai was engaged as lead lawyer in the redrafting of the Articles of Association of two limited liability companies - Immersion (Private) Limited (Immersion), a project development company and Ansaar Management Company (Private) Limited (AMC), a project management company.
AMC focuses on managing projects for investors in the affordable housing sector. Immersion - a joint venture between AMC (Pakistan), Acumen Fund Inc. (USA) (Acumen) and Oasis Capital (Mauritius) Ltd. (Oasis) - has been established with the objective of developing affordable low-income housing in Pakistan with funding from Acumen and Oasis.
Acumen is a USD $50 million non-profit fund that uses philanthropic funds from the private sector and injects them into financially sustainable businesses that focus on lower income segments. Oasis is a USD $30 million for-profit social venture capital fund that focuses on providing capital to businesses that serve the lower income segments.
Also involved in the project is the Geneva-based fund manager for Oasis, namely Bamboo Finance, a commercial global investment advisory firm specializing in the financing of social entrepreneurship and its sister concern, Blue Orchard, a USD $800 million fund that offers loans to microfinance institutes globally.
As part of its responsibilities, Azam & Rai advised on the implementation of the Shareholders Agreements (based on New York laws) entered into between AMC, Immersion, Acumen and Oasis and their compliance with Pakistani company law. The New York offices of two leading U.S. law firms - White & Case LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP advised Acumen and AMC respectively on the drafting of the Shareholders Agreements and Share Subscription Agreements for this project.
Azam & Rai is also representing both Immersion and AMC in corporate implementation, due diligence and statutory compliance matters before the Securities and Exchange Commission of Pakistan (SECP).
See White & Case's note on this project:
http://www.whitecase.com/publications_04202009/
Azam & Rai was engaged as lead lawyer in the redrafting of the Articles of Association of two limited liability companies - Immersion (Private) Limited (Immersion), a project development company and Ansaar Management Company (Private) Limited (AMC), a project management company.
AMC focuses on managing projects for investors in the affordable housing sector. Immersion - a joint venture between AMC (Pakistan), Acumen Fund Inc. (USA) (Acumen) and Oasis Capital (Mauritius) Ltd. (Oasis) - has been established with the objective of developing affordable low-income housing in Pakistan with funding from Acumen and Oasis.
Acumen is a USD $50 million non-profit fund that uses philanthropic funds from the private sector and injects them into financially sustainable businesses that focus on lower income segments. Oasis is a USD $30 million for-profit social venture capital fund that focuses on providing capital to businesses that serve the lower income segments.
Also involved in the project is the Geneva-based fund manager for Oasis, namely Bamboo Finance, a commercial global investment advisory firm specializing in the financing of social entrepreneurship and its sister concern, Blue Orchard, a USD $800 million fund that offers loans to microfinance institutes globally.
As part of its responsibilities, Azam & Rai advised on the implementation of the Shareholders Agreements (based on New York laws) entered into between AMC, Immersion, Acumen and Oasis and their compliance with Pakistani company law. The New York offices of two leading U.S. law firms - White & Case LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP advised Acumen and AMC respectively on the drafting of the Shareholders Agreements and Share Subscription Agreements for this project.
Azam & Rai is also representing both Immersion and AMC in corporate implementation, due diligence and statutory compliance matters before the Securities and Exchange Commission of Pakistan (SECP).
See White & Case's note on this project:
http://www.whitecase.com/publications_04202009/
02 June 2009
Azam & Rai files trademark registration applications on behalf Lahore International Medical Centre (Pvt.) Ltd.
Sector: Intellectual Property Laws
Azam & Rai has filed two trademark registration applications with the Intellectual Property Organization of Pakistan on behalf of Lahore International Medical Centre (Pvt.) Ltd. for the registration of its name and logo.
Azam & Rai has filed two trademark registration applications with the Intellectual Property Organization of Pakistan on behalf of Lahore International Medical Centre (Pvt.) Ltd. for the registration of its name and logo.
29 May 2009
Azam & Rai briefs the Provincial Government of the Punjab on the legal aspects of Public-Private Partnership (P3) models for the healthcare sector
Sector: Investment Laws
Azam & Rai has briefed the Provincial Government of the Punjab on the legal aspects of Public-Private Partnership (P3) models for the healthcare sector. The brief is in relation to the proposed grant of land by the Punjab Government for the establishment of a 300-bed tertiary care general hospital in Lahore by a private company on the basis of public-private partnership.
Azam & Rai has briefed the Provincial Government of the Punjab on the legal aspects of Public-Private Partnership (P3) models for the healthcare sector. The brief is in relation to the proposed grant of land by the Punjab Government for the establishment of a 300-bed tertiary care general hospital in Lahore by a private company on the basis of public-private partnership.
28 May 2009
Azam & Rai engaged by Spanish law firm for filing trademark application on behalf of its client
Sector: Intellectual Property Laws
Azam & Rai has been engaged by a leading Madrid-based Spanish law firm for filing a trademark application with the Intellectual Property Organization of Pakistan for the registration of a trademark belonging to one of its clients.
Azam & Rai has been engaged by a leading Madrid-based Spanish law firm for filing a trademark application with the Intellectual Property Organization of Pakistan for the registration of a trademark belonging to one of its clients.
Azam & Rai files trademark registration application on behalf of Zenith Sports (Pvt.) Ltd.
Sector: Intellectual Property Laws
Azam & Rai has filed a trademark registration application with the Intellectual Property Organization of Pakistan on behalf of Zenith Sports (Pvt.) Ltd. for the registration of the name of its Faisalabad-based football club, namely "Club Athletico", which plays in the national league under the Pakistan Football Federation. Zenith Sports (Pvt.) Ltd. is owned by foreign investors from Germany, the United Kingdom, the United States and Canada.
Azam & Rai has filed a trademark registration application with the Intellectual Property Organization of Pakistan on behalf of Zenith Sports (Pvt.) Ltd. for the registration of the name of its Faisalabad-based football club, namely "Club Athletico", which plays in the national league under the Pakistan Football Federation. Zenith Sports (Pvt.) Ltd. is owned by foreign investors from Germany, the United Kingdom, the United States and Canada.
09 May 2009
Azam & Rai participates in IFC's and World Bank's 'Investing Across Borders' project
Sector: Investment Laws
Azam & Rai was invited by the International Finance Corporation (IFC) and the World Bank to participate in the Investing Across Borders (IAB) indicators project under the auspices of their Foreign Investment Advisory Service (FIAS). This global project benchmarks the ease of establishing and operating foreign-owned companies in countries across the world by evaluating their investment policy framework and its implementation in practice.
The IAB project aims to compare the quality of investment climates across countries, identify good practices in investment policy design and implementation, and stimulate and advise investment policy reforms. The IAB indicators are based on a survey of private sector practitioners – investment lawyers and consultants advising foreign investors – and combine an evaluation of the quality of laws and policies, and their implementation and enforcement in practice. Only a select number of firms - recognized as leading providers of legal and business advisory services to investors - were approached in each country.
The principal objective of the IAB project is to stimulate reforms leading to a more business-conducive, transparent and secure environment for foreign direct investment. The project is modeled after the Doing Business initiative of the World Bank Group (in which Azam & Rai also participated), which provides information on business regulation for domestic enterprises. Doing Business has inspired over 170 reforms worldwide and boasts one of the busiest databases with over 1.6 million online visits last year alone. It is intended that the IAB project will have a similar lasting positive effect.
Azam & Rai gave its input on the following:
(i) Investing in Sectors - measuring restrictions on foreign equity ownership in a variety of sectors in Pakistan.
(ii) Starting a Foreign Business - measuring the process for establishing subsidiaries of foreign companies in Pakistan's largest business cities.
(iii) Accessing Land - measuring the process of leasing land in Pakistan's largest business cities and examining land rights and land information available to investors.
(iv) Arbitrating Disputes - examining Pakistan's legal framework on domestic and international arbitration, enforcement of arbitration awards, and mediation.
Azam & Rai was invited by the International Finance Corporation (IFC) and the World Bank to participate in the Investing Across Borders (IAB) indicators project under the auspices of their Foreign Investment Advisory Service (FIAS). This global project benchmarks the ease of establishing and operating foreign-owned companies in countries across the world by evaluating their investment policy framework and its implementation in practice.
The IAB project aims to compare the quality of investment climates across countries, identify good practices in investment policy design and implementation, and stimulate and advise investment policy reforms. The IAB indicators are based on a survey of private sector practitioners – investment lawyers and consultants advising foreign investors – and combine an evaluation of the quality of laws and policies, and their implementation and enforcement in practice. Only a select number of firms - recognized as leading providers of legal and business advisory services to investors - were approached in each country.
The principal objective of the IAB project is to stimulate reforms leading to a more business-conducive, transparent and secure environment for foreign direct investment. The project is modeled after the Doing Business initiative of the World Bank Group (in which Azam & Rai also participated), which provides information on business regulation for domestic enterprises. Doing Business has inspired over 170 reforms worldwide and boasts one of the busiest databases with over 1.6 million online visits last year alone. It is intended that the IAB project will have a similar lasting positive effect.
Azam & Rai gave its input on the following:
(i) Investing in Sectors - measuring restrictions on foreign equity ownership in a variety of sectors in Pakistan.
(ii) Starting a Foreign Business - measuring the process for establishing subsidiaries of foreign companies in Pakistan's largest business cities.
(iii) Accessing Land - measuring the process of leasing land in Pakistan's largest business cities and examining land rights and land information available to investors.
(iv) Arbitrating Disputes - examining Pakistan's legal framework on domestic and international arbitration, enforcement of arbitration awards, and mediation.
04 May 2009
Azam & Rai advises major Pakistani media group on establishment of company limited by guarantee
Sector: Corporate Laws
Azam & Rai has advised a major Pakistani media group (owners of a major national news channel in Pakistan) - on the establishment of a company limited by guarantee.
Azam & Rai has advised a major Pakistani media group (owners of a major national news channel in Pakistan) - on the establishment of a company limited by guarantee.
27 February 2009
Azam & Rai obtains approval for a Class License for Value Added Services from the Pakistan Telecommunication Authority for Singapore telecoms company
Sector: Telecommunications Laws
Azam & Rai has obtained approval of a Class License for Value Added Services (VAS) from the Pakistan Telecommunication Authority (PTA) for the Pakistani subsidiary of a Singapore Stock Exchange-listed telecommunications company headquartered in Kuala Lumpur, Malaysia. The license approval enables the client to provide VAS to a major telecom company providing mobile telecom services in Pakistan.
Azam & Rai has obtained approval of a Class License for Value Added Services (VAS) from the Pakistan Telecommunication Authority (PTA) for the Pakistani subsidiary of a Singapore Stock Exchange-listed telecommunications company headquartered in Kuala Lumpur, Malaysia. The license approval enables the client to provide VAS to a major telecom company providing mobile telecom services in Pakistan.
06 February 2009
Securities & Exchange Commission of Pakistan more than doubles Company Registration Fees
Sector: Corporate & Investment Laws
The Securities & Exchange Commission of Pakistan (SECP), vide its Statutory Regulatory Order (S.R.O.) No. 119(I)/2009 with effect from 6 February 2009, has more than doubled the Company Registration Fees for all ranges of Authorized Capital.
After the said increase, a company with an authorized capital of Rs. 100,000 will be required to pay registration fees of PKR 9,000 instead of the previous PKR 3,300 whereas a company with an authorized capital of PKR 10 Million will be required to pay registration fees of PKR Rs. 108,000 instead of the previous PKR 40,300.
Furthermore, the previous ceiling of PKR 10 Million on company registration fees has been removed and is now unilimited depending on the authorized capital.
The SECP has also increased document filing fees from PKR 200 to PKR 1,000 per document.
This is the first such increase in company registration fees since 9 December 2003 and will increase the cost of doing business in Pakistan.
The Securities & Exchange Commission of Pakistan (SECP), vide its Statutory Regulatory Order (S.R.O.) No. 119(I)/2009 with effect from 6 February 2009, has more than doubled the Company Registration Fees for all ranges of Authorized Capital.
After the said increase, a company with an authorized capital of Rs. 100,000 will be required to pay registration fees of PKR 9,000 instead of the previous PKR 3,300 whereas a company with an authorized capital of PKR 10 Million will be required to pay registration fees of PKR Rs. 108,000 instead of the previous PKR 40,300.
Furthermore, the previous ceiling of PKR 10 Million on company registration fees has been removed and is now unilimited depending on the authorized capital.
The SECP has also increased document filing fees from PKR 200 to PKR 1,000 per document.
This is the first such increase in company registration fees since 9 December 2003 and will increase the cost of doing business in Pakistan.
01 January 2009
Azam & Rai again recommended by The Asia-Pacific Legal 500 as one of the leading firms in 'Banking and Finance' and 'Corporate and M&A'
For the fourth consecutive year, Azam & Rai has been recommended by The Asia-Pacific Legal 500 (A Guide to Asia’s Commercial Law Firms) as one of the leading law firms in the areas of Banking & Finance and Corporate/M&A in Pakistan. The Asia-Pacific Legal 500 is a UK-based organization, which ranks top law firms in the Asia-Pacific region and publishes its findings in an annual publication.
In the latest The Asia-Pacific Legal 500 (2008-2009 Edition), Azam & Rai is ranked amongst the top 22 law firms in the Banking & Finance sector and, once again, amongst the top 20 law firms in the Corporate/M&A sector in Pakistan.
In its commentary, The Asia-Pacific Legal 500 (2008-2009 Edition) states:
In the latest The Asia-Pacific Legal 500 (2008-2009 Edition), Azam & Rai is ranked amongst the top 22 law firms in the Banking & Finance sector and, once again, amongst the top 20 law firms in the Corporate/M&A sector in Pakistan.
In its commentary, The Asia-Pacific Legal 500 (2008-2009 Edition) states:
Though smaller than some rivals, five-lawyer Azam & Rai enjoys an excellent reputation for corporate and commercial advice to clients such as Saudi Pak Commercial Bank, Standard Chartered Bank, Stahl Holdings BV and Terraco Group, and provides 'personalised legal services’ and has 'an appreciation of a client’s commercial needs’. Rai Muhammad Saleh Azam is 'an incisive all-round lawyer who combines his experience of litigation and transactional work to provide very good commercial legal advice’.
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