AIRLINK 74.85 Increased By ▲ 0.56 (0.75%)
BOP 4.98 Increased By ▲ 0.03 (0.61%)
CNERGY 4.49 Increased By ▲ 0.12 (2.75%)
DFML 40.00 Increased By ▲ 1.20 (3.09%)
DGKC 86.35 Increased By ▲ 1.53 (1.8%)
FCCL 21.36 Increased By ▲ 0.15 (0.71%)
FFBL 33.85 Decreased By ▼ -0.27 (-0.79%)
FFL 9.72 Increased By ▲ 0.02 (0.21%)
GGL 10.45 Increased By ▲ 0.03 (0.29%)
HBL 112.74 Decreased By ▼ -0.26 (-0.23%)
HUBC 137.44 Increased By ▲ 1.24 (0.91%)
HUMNL 11.42 Decreased By ▼ -0.48 (-4.03%)
KEL 5.28 Increased By ▲ 0.57 (12.1%)
KOSM 4.63 Increased By ▲ 0.19 (4.28%)
MLCF 37.80 Increased By ▲ 0.15 (0.4%)
OGDC 139.50 Increased By ▲ 3.30 (2.42%)
PAEL 25.61 Increased By ▲ 0.51 (2.03%)
PIAA 20.68 Increased By ▲ 1.44 (7.48%)
PIBTL 6.80 Increased By ▲ 0.09 (1.34%)
PPL 122.20 Increased By ▲ 0.10 (0.08%)
PRL 26.58 Decreased By ▼ -0.07 (-0.26%)
PTC 14.05 Increased By ▲ 0.12 (0.86%)
SEARL 58.98 Increased By ▲ 1.76 (3.08%)
SNGP 68.95 Increased By ▲ 1.35 (2%)
SSGC 10.30 Increased By ▲ 0.05 (0.49%)
TELE 8.38 Decreased By ▼ -0.02 (-0.24%)
TPLP 11.06 Decreased By ▼ -0.07 (-0.63%)
TRG 64.19 Increased By ▲ 1.38 (2.2%)
UNITY 26.55 Increased By ▲ 0.05 (0.19%)
WTL 1.45 Increased By ▲ 0.10 (7.41%)
BR100 7,841 Increased By 30.9 (0.4%)
BR30 25,465 Increased By 315.4 (1.25%)
KSE100 75,114 Increased By 157.8 (0.21%)
KSE30 24,114 Increased By 30.8 (0.13%)

ISLAMABAD: Caretaker Federal Minister for Privatisation Fawad Hasan Fawad called on President Dr Arif Alvi and discussed for promulgation of the Privatisation Commission (Amendment) Ordinance, 2023, it is learnt.

The federal caretaker government has decided to issue a presidential ordinance to prevent constitutionally-established high courts from hearing cases related to the privatisation of national assets.

This decision to promulgate ordinance comes in response to a petition challenging the proposed privatisation of Pakistan International Airlines (PIA) that was admitted by the Lahore High Court (LHC).

The interim government has approved the draft of the Privatisation Commission (Amendment) Ordinance, 2023, aiming to establish a Privatisation Appellate Tribunal as the sole forum for addressing legal issues arising from privatization transactions.

The sources said that the Tribunal to be headed by a sitting judge of the Supreme Court or a high court to specifically deal with the cases of privatisation of state-owned entities.

The move has raised concerns about the government’s authority to restrict the powers of high courts established under the Constitution, especially when no privatisation transaction is currently tied to any international agreement.

The caretaker government argues that the ordinance aims to provide investors with confidence by streamlining legal processes and creating a singular forum for dispute resolution, with an appeal option to the Supreme Court.

Copyright Business Recorder, 2023

Comments

Comments are closed.

Parvez Dec 13, 2023 12:02pm
Selling PIA and STEEL MILL should have been done years ago because they DESERVE to be privatised. But this comission must not give the impression that they are in the process of " selling Pakistan " for political expediency.
thumb_up Recommended (0)