Abstract: The research evaluates Pakistan’s corporate laws that govern takeover and merger activity in the country, to suggest amendments in Pakistan’s governing laws for introducing the role of the independent adviser in takeovers and mergers to bring them at par with the laws of developed economies and to suggest the benefits of promoting the banks role as one of the most suitable independent advisers on takeovers and mergers. In developed economies, the law imposes an obligation on the companies involved in takeovers and mergers to engage independent advisers to provide an independent advice to enable the shareholders to make an informed decision as to the merits of the takeover or merger transaction. However, there is no mention of the term ‘independent adviser’ in Pakistan’s corporate laws and the companies are not required to obtain independent advice to decide about a takeover or merger offer. Various studies confirm that the expert advice provided by the banks as the independent adviser on takeovers and mergers, not only enables the shareholders to make an informed decision but also safeguards their interest by ensuring compliance with governing laws. This area of research is however, wholly neglected in Pakistan. Neither the role of advisers on takeovers and mergers is ever discussed generally, nor the bank’s role as an independent adviser is discussed particularly. This research serves as the foundation work for the subject of the independent advisers and prospective role of banks as an independent adviser in takeovers and mergers in Pakistan. It provides a comparative review of Pakistan’s corporate laws with the laws of other jurisdictions, specifically Malaysia and suggest requisite amendments in Pakistan’s takeover and merger laws.