Conflict of interest: Commission gets final chance to file reply
Dozen MPAs serving as directors across five companies.
Lahore High Court. PHOTO: FILE
LAHORE:
Justice Ali Akbar Qureshi of Lahore High Court on Tuesday gave the Securities and Exchange Commission of Pakistan (SECP) a final chance to submit a reply challenging the appointment of a dozen MPAs as directors across five companies operating in the public sector by May 13.
An assistant advocate general told the court that the appointments had been made in accordance with the law. He said the lawmakers were not availing any perks and privileges by virtue of being company directors. Petitioner Mian Mehmoodur Rasheed, the leader of the opposition in the Provincial Assembly (PA), said MPA Ramazan Bhatti was one of Lahore Transport Company’s (LTC’s) directors. He said lawmakers Nasreen Nawaz, Ramzan Bhatti and Kiran Dar were serving as directors of the Lahore Parking Company (LPC). Rasheed said MPAs Kashif Padhiar, Amanullah Khan, Qazi Adnan Fareed, Rana Babar Hussain, Chaudry Lal Hussain, Mahmood Qadir Khan, Qamarul Islam, and Waheed Gul were directors of the Punjab Saaf Pani Company. He said MPA Majid Zahoor was serving as one of the directors of the Lahore Waste Management Company (LWMC) while MPA Hussain Gardezi was a director of the Punjab Agriculture and Meat Company.
Rasheed said the companies were incorporated under Section 42 of the Companies Ordinance 1984 and were owned by the provincial government. He said the MPAs had been serving as directors of the various companies in violation of section 3(7) of Public Sector Companies Corporate Government Rules 2013. The PTI leader said the provision proscribed the holder of a political office or one rendering a legislative function from becoming a director of a company governed by Public Sector Companies Corporate Governance Rules 2013.
Published in The Express Tribune, May 11th, 2016.
Justice Ali Akbar Qureshi of Lahore High Court on Tuesday gave the Securities and Exchange Commission of Pakistan (SECP) a final chance to submit a reply challenging the appointment of a dozen MPAs as directors across five companies operating in the public sector by May 13.
An assistant advocate general told the court that the appointments had been made in accordance with the law. He said the lawmakers were not availing any perks and privileges by virtue of being company directors. Petitioner Mian Mehmoodur Rasheed, the leader of the opposition in the Provincial Assembly (PA), said MPA Ramazan Bhatti was one of Lahore Transport Company’s (LTC’s) directors. He said lawmakers Nasreen Nawaz, Ramzan Bhatti and Kiran Dar were serving as directors of the Lahore Parking Company (LPC). Rasheed said MPAs Kashif Padhiar, Amanullah Khan, Qazi Adnan Fareed, Rana Babar Hussain, Chaudry Lal Hussain, Mahmood Qadir Khan, Qamarul Islam, and Waheed Gul were directors of the Punjab Saaf Pani Company. He said MPA Majid Zahoor was serving as one of the directors of the Lahore Waste Management Company (LWMC) while MPA Hussain Gardezi was a director of the Punjab Agriculture and Meat Company.
Rasheed said the companies were incorporated under Section 42 of the Companies Ordinance 1984 and were owned by the provincial government. He said the MPAs had been serving as directors of the various companies in violation of section 3(7) of Public Sector Companies Corporate Government Rules 2013. The PTI leader said the provision proscribed the holder of a political office or one rendering a legislative function from becoming a director of a company governed by Public Sector Companies Corporate Governance Rules 2013.
Published in The Express Tribune, May 11th, 2016.