PIAC Airbus A-300 AP-BBA was on take-off at Karachi for Islamabad operating flight PK-308. During take-off roll immediately after crossing V 1 complete core cowling of No. 2 engine dislocated and flew off. The Pilot felt vibrations but decided to continue with the take-off.After take off check list was completed the Captain asked ATC to inspect the runway for tyre pieces as he suspected a tyre burst during take-off roll. ATC informed the aircraft of the cowling found on the runway. The Flight Engineer confirmed the difference in nacelle temperature of both engines which made the Pilot decide to land back at Karachi. In the mean time the runway got blocked due to another Airbus incident. The aircraft finally landed safely after holding for 1:30 hrs. The Pilot's decision to continue the take-off after v1 was inorder and was as per laid down SOP in PIAC flight operation manual. The Pilot handled the emergency well, and followed every step as per the requirement and the laid down procedures, he however failed to report to CAA for investigation. Instead without prior approval from CAA operated PK-308 on a different aircraft. For this the licence of the crew was suspended but restored after a warning was issued to them. Preliminary investigation showed that the hooks provided on core cowl latches, to keep them in locked position were found broken on the latches of AP-BBA. This short coming can give rise to opening of latches resulting in opening of the cowling. It was therefore, required by CAA that latch locking mechanism on all the Airbus A-300 aircraft be checked. Airbus A-300-57-165, covered by French AD. No. 90-222 - 116(b) calls for periodic inspection of (Nacelle Pylon) Rib-6 Skin panel Land Rand second core cowl fitting-. During investigation the failure of this area was revealed on AP-BBA aircraft.