KARACHI, MAY 18: A Supreme Court bench on Thursday called for details about privatization of the Pakistan Steel Mills. The bench — comprising Chief Justice Iftikhar Mohammad Chaudhry, Justice Abdul Hameed Dogar and Justice Saiyed Saeed Ashhad — was hearing a petition filed by Hashim Shaukat Khan of the Watan Party.
The petitioner contended that the Pakistan Steel Mills had been privatised at a price much lower than the market value of its assets.
Attorney-General Makhdoom Ali Khan, appearing for the federation and the Privatization Commission, said that the PSM was not a profitable organization and, rather, a burden on national exchequer.
The bench asked the respondent Privatization Commission to submit criteria for the privatization and the PSM chairman to submit details of assets, audited accounts for previous three years, the mill’s market value and other relevant record before the bench in Islamabad on May 24.
The Pakistan Steel Mills has been recently privatized to a consortium of companies and the successful bidder has deposited 25 per cent of the bid.
The transfer of controlling power of the mill has been scheduled for May 29.—APP
