The Islamabad High Court (IHC) has reserved its verdict in a case on the determination of fertiliser prices following the conclusion of lawyers' arguments.
Justice Saman Rifat Imtiaz took up a petition filed by fertiliser companies. Lawyers representing the fertiliser firms and the Competition Commission of Pakistan (CCP) appeared before the court.
At the outset of hearing, the counsel for fertiliser companies submitted that the cost information of the companies was confidential; therefore, it could not be provided to the Competition Commission.
However, the CCP legal representative contended that under the regulations set forth by the Securities and Exchange Commission of Pakistan (SECP), it was mandatory for all companies to submit their cost audits to the SECP. In line with that, he mentioned, the companies indeed provided the information to the SECP.
The CCP counsel questioned as to how it was feasible for the companies to present the cost audit information to one regulatory authority and withhold the same details from another. Following the conclusion of arguments, the court reserved its decision in the case.
It is worth mentioning here that in the case against Dalda Foods, the Supreme Court, while recognising the jurisdiction of the Competition Commission, had clarified that the commission had full authority to monitor markets, obtain information and conduct investigations.
Earlier, the CCP had launched an investigation into the conduct of fertiliser companies concerning rising prices and requested information from them.
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