09-11-2003, 10:58 AM
Mr Pooooooh!(How many ooos are there my dear, any logic in having such a weired nick!!)
I am not too good at well-coming Johnys come latelys, but since you have decided to jump in the debate, i would suggest a little more serious nick for a starter!! I donot appologize for being aggressive.
You can't have a meaningful debate without being emotionally involved. But my remarks are never intended to disrespect the person, nor i take others' remarks in the same spirit. These are professional discussions nothing personal!!!
<font color=red>I am sure you must have heard about section 195 the moment you left your high school or should i say madrassa. But i am equally sure you have neither understood the letter nor the spirit of this section fully as yet.</font id=red>
If you read the section carefully, it specifically
A)put no restriction on directors of private companies
B)put no restriction on loans to subsidiaries
c)permit directors of public companies to obtain loans under certain
conditions and with the approval of AUTHORITY. This section has
lope-holes where you can drive a truck through.
I never said the directors are free to do what ever they like with funds of public companies. However, there are ways they can withdraw funds which are permitted by law.
Now to my old friend Mr Raza!
There are several positive developments here.
Postive development #1
<font color=red>"So back to the discussion, yes I agree that I donât have much knowledge on this topic, thatâs why I asked to correct me if am not,"
</font id=red>
I think Raza you are on the right track here. But our real problem is that you are not aware of what the scope of this topic really is? Neither do i fully comprehend the angles involve here. Right! Do you agree with me? But one thing i am sure we are talking about an area where rules and laws relating to auditor's work converge with those of securities laws. If you think about it, it is a vast area of laws.
So i think we first should understand and agree on what laws are involved here. Right!! Once we have determined what areas are involved, we can update our knowledge about these laws and then talk about them. So i put the ball in your court, since you started the topic. Tell me what are the areas involved in this topic i.e. reporting proccedures by the auditors, laws relating to SECP, companies laws etc. etc. You decide the areas and than we will talk about them.
Postive development #2.
<font color=red>"I m still waiting for the response from the SECP. And I m 100% confident that this will continue with my whole life, as SECP is not against the companies, it is just against us"</font id=red>
So you did follow my advice of contacting the accused itself.
I hope you should get a reply. If not then you should force the issue. That is why i always keep my lawyer's phone number handy, just in case!!!!!
In the meantime, read the ICAP Audit Practice Manual fully, it may help you in your next exams.
Take Care
<img src=icon_smile_cool.gif border=0 align=middle><img src=icon_smile_cool.gif border=0 align=middle><img src=icon_smile_cool.gif border=0 align=middle>
Edited by - Pervez on Sep 11 2003 061113 AM
Edited by - Pervez on Sep 11 2003 062441 AM
Edited by - Pervez on Sep 11 2003 062901 AM
I am not too good at well-coming Johnys come latelys, but since you have decided to jump in the debate, i would suggest a little more serious nick for a starter!! I donot appologize for being aggressive.
You can't have a meaningful debate without being emotionally involved. But my remarks are never intended to disrespect the person, nor i take others' remarks in the same spirit. These are professional discussions nothing personal!!!
<font color=red>I am sure you must have heard about section 195 the moment you left your high school or should i say madrassa. But i am equally sure you have neither understood the letter nor the spirit of this section fully as yet.</font id=red>
If you read the section carefully, it specifically
A)put no restriction on directors of private companies
B)put no restriction on loans to subsidiaries
c)permit directors of public companies to obtain loans under certain
conditions and with the approval of AUTHORITY. This section has
lope-holes where you can drive a truck through.
I never said the directors are free to do what ever they like with funds of public companies. However, there are ways they can withdraw funds which are permitted by law.
Now to my old friend Mr Raza!
There are several positive developments here.
Postive development #1
<font color=red>"So back to the discussion, yes I agree that I donât have much knowledge on this topic, thatâs why I asked to correct me if am not,"
</font id=red>
I think Raza you are on the right track here. But our real problem is that you are not aware of what the scope of this topic really is? Neither do i fully comprehend the angles involve here. Right! Do you agree with me? But one thing i am sure we are talking about an area where rules and laws relating to auditor's work converge with those of securities laws. If you think about it, it is a vast area of laws.
So i think we first should understand and agree on what laws are involved here. Right!! Once we have determined what areas are involved, we can update our knowledge about these laws and then talk about them. So i put the ball in your court, since you started the topic. Tell me what are the areas involved in this topic i.e. reporting proccedures by the auditors, laws relating to SECP, companies laws etc. etc. You decide the areas and than we will talk about them.
Postive development #2.
<font color=red>"I m still waiting for the response from the SECP. And I m 100% confident that this will continue with my whole life, as SECP is not against the companies, it is just against us"</font id=red>
So you did follow my advice of contacting the accused itself.
I hope you should get a reply. If not then you should force the issue. That is why i always keep my lawyer's phone number handy, just in case!!!!!
In the meantime, read the ICAP Audit Practice Manual fully, it may help you in your next exams.
Take Care
<img src=icon_smile_cool.gif border=0 align=middle><img src=icon_smile_cool.gif border=0 align=middle><img src=icon_smile_cool.gif border=0 align=middle>
Edited by - Pervez on Sep 11 2003 061113 AM
Edited by - Pervez on Sep 11 2003 062441 AM
Edited by - Pervez on Sep 11 2003 062901 AM
