BACKGROUND:

The Commission took suo moto notice of ICAP’s circular no. 09/2008 dated 13-08-2008 which provided for the fixing of minimum hourly charge out rate and the minimum fee for audit engagements. The primary issue before the Commission was whether this action by the Council of the ICAP violated Section 4(1) of the Competition Ordinance 2007.

ORDER:

The matter was disposed of vide Order dated 04-12-2008 wherein the concerned circular was found to violate Section 4(1) and held to be void under Section 4(3). However, no penalty was imposed. Rather, the undertaking was directed under the Order to inform its members through a circular regarding withdrawal of ATR-14 from the Members’ Handbook, Volume-II, Part-II Section (c) and further to publish notice of withdrawal in two newspapers, one English and one of Urdu, nationwide circulation before December 19, 2008 failing which a penalty in sum of Rs.300,000 per day of infringement was to be recovered from the undertaking under Section 40 of the Ordinance.

APPEAL BEFORE THE APPELLATE BENCH OF THE COMMISSION: ICAP preferred an appeal before the Appellate Bench of the Commission. The Appellate Bench of the Commission vide its order dated March 11, 2009 upheld the Order of the Single Member of the Commission.

ICAP preferred an appeal before the Supreme Court of Pakistan against the Order of the Appellate Bench of the Commission

CURRENT STATUS:

Case transferred to CAT from Supreme Court.