Shalimar Recording withdrawn from auction block

A meeting of the Cabinet Committee on Privatisation (CCoP) has decided to withdraw Shalimar Recording and Broadcasting Company (SRBCL) from the privatisation list after Law Division opined that the entity being under Federal Legislative List, Schedule IV, can not be sold to private sector. Sources said a meeting of the CCoP presided over by Finance Minister Ishaq Dar was told that the entity with the government shareholding of around 92.8 per cent has been on privatisation list since May 29, 1997 along with other state-owned entities (SOEs).
The meeting was reportedly informed that Ministry of Information, Broadcasting and National Heritage had put up a proposal in August 2015 for the CCoP through Privatisation Division for the delisting of SRBCL from the privatisation list. The reason cited in the proposal, they said, was Law Division's opinion on delisting of the entity from the privatisation list. Law Division opined that Shalimar Recording and Broadcasting Company Limited, being a national broadcaster within the meaning of the Federal Legislative List, Schedule IV, could neither be dispensed with nor could be sold to private sector.
The Privatisation Division on February 02, 2016 had solicited views of the Law Division in the matter. Law Division communicated to the Privatisation Commission that the privatisation of SRBCL, being a national broadcaster, is a negation of the provisions of the law and process of delisting from privatisation may be carried out through the CCoP.
The SRBCL was incorporated on December 18, 1974 as an Unlisted Public Company, under the then Companies Act 1913. The company is engaged in telecasting and broadcasting facilities. The government through Pakistan Television Corporation Limited, Pakistan Broadcasting Corporation and Pakistan National Council of Arts holds majority of SRBCL's shares. The SRBCL has been on the privatisation list since May 29, 1997 when it was approved for privatisation along with other SOEs by the CCI. Subsequently, the CCoP, in its meeting held on October 3, 2013 approved a list of SOEs for early implementation of the privatisation programme, which also included privatisation of SRBCL.