Govt Removes Three Appointees from the Board of Pak Datacom Limited. The Government has withdrawn its entrants from the board of a public listed company – Pak Datacom Limited. It has executed its powers for the first time under the Companies Ordinance 2016 disseminated lately.
The government came into action after its designated Board members gave an “unlawful three-year extension” to the now dismissed chief executive of the company; Brig retired Muhammad Arshad Khan Kayani.
Kayani had received a three-year service extension from the company board, which the Ministry of Law avowed as “irregular and illegal”.
By exercising powers existing under the Companies Ordinance 2016, the government last week removed its three nominations on the Pak Datacom Limited, informed Aftab Bhatti, Chairman of the Pak Datacom board of directors and additional secretary Ministry of Information Technology. It has dismissed Arshad Kayani, Taimur Faiz Cheema and Shahzad Sami Qureshi.
Govt Removes Three Appointees from the Board of Pak Datacom Limited
Bhatti further added that three new members have been selected. Including Ameena Sohail, presently serving as Member Legal of Ministry of Information Technology, Syed Ibrar Hussain Shah, Joint Secretary of the Ministry and Syed Mohammad Harris, Chief Finance Officer of Universal Services Fund.
He said that the Board through resolution has also permitted to remove the company’s Chief Executive Arshad Kayani. In his place, Ibrar Hussain Shah has been given the extra charge of the Chief Executive, Bhatti added. The government has also substituted the company secretary and appointed Miss Farhat Mansoor as the new company secretary.
Though the dismissed Chief Executive has not taken his elimination casually and has taken the government to the court.
While talking to The Express Tribune Kayani said,
“I am in control of the things and have not relinquished the charge of the office.”
Kayani informed that the Islamabad High Court has given a stay order till December 9. He revealed that the government’s action was illegal, as its implemented powers were appropriate only to the public sector company while Pak Datacom was a public listed company.
The fired chief executive claimed that the Securities and Exchange Commission of Pakistan (SECP) has acknowledged his position and did not amend the names of the directors in its database.
The lately disseminated Companies Ordinance 2016 states that a chief executive selected by the government in a public sector company “shall hold office during the inclination of the government”.
Pak Datacom is one of the primary communication services suppliers of the country. It is accountable for delivering services for the country’s three armed forces, law enforcement agencies, the State Bank of Pakistan, marketable banks, telecommunication companies and airlines. Pak Datacom is a subsidiary of Telecom Foundation, which has 55% parity in the company, while general public and overseas investors made 45% investments in it.
It was assimilated as a private limited company in July 1992 and was consequently transformed into a public limited company in June 1994.
Source: THE EXPRESS TRIBUNE