Privatisation: No employee of Steel Mills to be sacked‚ Senate told

Senate has been informed that government plans to privatize only 26 % shares of Pakistan Steel Mills.


Web Desk October 28, 2013
The house will now meet tomorrow at 10:30 am. PHOTO: FILE

ISLAMABAD: With state run Steel Mills set to be privatised, the Federal Minister for Industries and Production Ghulam Murtaza Khan Jatoi told the Senate on Monday that workers of the ailing organisation will not be affected, Radio Pakistan reported.

Responding to a point of order, minister claimed that no employee of the Steel Mills would be sacked as the major share of the management would remain with the government.

He added that only 26 per cent stake of Steel Mills was being privatiesed.

Walkout

Members belonging to Opposition benches staged a token walkout from the House over the issue of law and order situation in the country.

Members belonging to PPP‚ PML-Q and ANP staged a token walkout from the house.

Emigration bill 2013

Pakistan Peoples Party senator Maula Bakhsh Chandio introduced "The Emigration (Amendment) Bill‚ 2013" before the house, aimed at amending the Emigration Ordinance‚ 1979.

Chairman Senate, Syed Nayyar Hussain Bukhari, referred the bill to the concerned committee.

The house will now meet at 10:30 am on October 29.

COMMENTS (6)

Muslim Leaguer | 8 years ago | Reply

@ Syed A Mateen For the logic behind 26% sale (strategic sale) you need to read the Companies Law 1984. The shareholders with 74% majority can amend the Memorendum and Articles of Association of a Company. In order to protect the strategic shareholder, the government sells 26% block sale to build investor's protection and confidence.

yousafhaque | 8 years ago | Reply

Keeping in mind the past performance,under the present employees and staff of steel mills,and the conditions being laid down for '26%' shares being privatized,I for one,if I were a prospective investor,shall not buy a single share,unless I had some ulterior motives

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