Iftar Timings Mar 29 - Ramazan 18

Lahore
LHR
06:20 PM
Karachi
KHI
06:47 PM
Islamabad
ISB
06:26 PM
Peshawar
PWR
06:31 PM
Quetta
QTA
06:49 PM

News

After 15 years, SHC declares KESC’s privatization legal

January 21, 2021 01:02 PM


Rejecting the petition of Karachi Electric Supply Company’s (KESC) labour union, the Sindh High Court (SHC) finally on Thursday after 15 long years declared the company’s privatization legal, reported 24NewsHD TV channel.

A two-member bench of the SHC, headed by Justice Aqeel Ahmed Abbasi, in its verdict questioned as to why KESC could not be privatized.

The court was of the view that the petitioners had failed to present plausible arguments in the support of their case.

KESC was privatized in 2005, with the government retaining a share of approximately 26 per cent, while 71 percent of the share was transferred to a foreign consortium.

As of 2017, The Abraaj Group and Aljomaih/NIG have a 66.4 per cent stake in KE; while the Government of Pakistan's shareholding stands at 24.36%.

Labour union of KESC, on December 23, 2005, while rebutting the statement of Privatization Commission (PC) contended that PC had kept the union and the Sindh High Court (SHC) in dark about the exact terms and conditions regarding the sale of KESC to reconstituted Hasan Associates.
In rejoinder affidavit, filed before SHC's division bench comprising Justice Anwar Zaheer Jamali and Justice Yasmin Abbasi, hearing petition against the sale of KESC, labour union Chairman Akhlaq Khan prayed to the court to decide fairness and rationality of the PC's action in the privatization process.
He had said that PC deliberately failed to furnish copies of final agreement or produce any documents regarding alleged competence and qualification of the successful bidder.

He accused the Privatization Commission of reducing the entire bidding process into a farce and disposed of KESC in private deal behind closed doors.



Most Read

  1. Man murders young sister by smothering her with pillow in Toba Tek Singh Man murders young sister by smothering her with pillow in Toba Tek Singh
  2. Aitchison College students, parents stage protest against principal’s resignation Aitchison College students, parents stage protest against principal’s resignation
  3. Five Chinese among six killed in Shangla suicide bombing Five Chinese among six killed in Shangla suicide bombing
  4. Sahiba meets her father for the first time Sahiba meets her father for the first time
  5. Maaz Safder regrets 4-year relationship with wife Saba Maaz Safder regrets 4-year relationship with wife Saba
  6. ‘Khaie's incredible ending receives rave reviews and big applause ‘Khaie's incredible ending receives rave reviews and big applause

Opinion

  1. IMEC to sabotage CPEC
    IMEC to sabotage CPEC

    By Dr Asif Channer

  2. 1947 TO FORM 47
    1947 TO FORM 47

    By Dr Asif Channer

  3. Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....
    Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....

    By Ali Ramay

  4. Global race: China will reduce its unnecessary expenses
    Global race: China will reduce its unnecessary expenses

    By Ali Ramay

  5. Channer Pir: The Great Saint of Cholistan
    Channer Pir: The Great Saint of Cholistan

    By Dr Asif Channer

  6. Literate the Religious Illiterate
    Literate the Religious Illiterate

    By Dr Asif Channer