PD proposes nomination of questionable PPL board
Aftab Ahmed
Islamabad: The Petroleum Division has proposed a nomination for the board of directors Pakistan Petroleum Limited (PPL) in violation of the Companies Act. Therefore, the cabinet has refused to accord its approval.
The Petroleum Division had proposed a 10-member new board of directors and chairman for Pakistan Petroleum Limited (PPL).
However, during the meeting last week, sources told Newztodays.com that Law Minister said that the proposed nomination was not in line with the Companies Act 2017. The cabinet directed the petroleum division to resubmit a summary with a consultation with Law Minister.
Petroleum Division had proposed Shahab Rizvi, newly appointed board of director and possible chair of the Board of PPL, and hailed from Sindh. In contrast, the other member who hailed from Sindh and proposed on the PPL board includes Mrs. Khurshid Bhaimia and Imtiaz A H Laliwala. Two members from Punjab include Aftab Ahmad and Abid Sattar. Similarly, one member from KP is Mian Imtiaz Uddin, the sources added.
Other proposed members will be at the PPL Board and representatives of Federal and Provincial Govts. They include secretary Energy, GoB, Additional Secretary (Admin), Petroleum Div, Joint (A/CA) Petroleum Div, and a Finance Division representative.
READ PPL: A rich legacy rejuvenated.
The PTI Government is pursuing the incumbent government’s policy of appointment and empowerment of non-political and autonomous boards of public listed companies. That is why the BoDs of PPL reconstituted on June 3, 2019, for its remaining statutory period.
The tenure of the BoDs of PPL is set to expire on Aug 30, 2020. Whereas, the Extraordinary General Meeting (EGM) for the selection of directors is on Sept 16, 2020.
According to the shareholding pattern, the Government of Pakistan holds 74.86% of the company’s paid-up cap. The BoDs of PPL comprised eleven directors, including the Managing Director.
