The Board of Directors (BoD) of Pakistan Steel Mills (PSM), which is scheduled to meet on February 8, 2018 in Karachi, is to approve the price of 930 acres of land handed over to National Industrial Park (NIP) for development of industrial park at Bin Qasim, Karachi. To be presided over by its Chairman, the board will endorse new board members, confirm minutes of 393rd Board of Directors meeting held on December, 2017 and review actions arising out of the minutes, revision of minutes BHRC held on July 12, 2017 for information of the board.
Salaries and retirement benefits details upto June 2018 and sale of inventory by PSM will also come under discussion. The Board will review pay scales and grant of ad-hoc relief allowance-2015 of management/ executive grade officers of Pakistan Steel effective from July 1, 2015, revision of basic pay scales and allowances of management/ executive grade officers of Pakistan Steel effective from July 1, 2016, payment of ad-hoc relief allowances/ ad-hoc allowances.
An official told Business Recorder that the Board will discuss ways and means for effective utilization of services of PSM employees at different ministries/ units functioning at provincial/ federal level on deputation basis, temporary relaxation for availing of minimum 04 years earned leave in the light of decision of the Board of Directors towards adoption of cost-cutting measures by declaring Friday as weekly holiday and promotion of security guards. The Board will also discuss observation of Board members of the cost of 930 acres land handed and valuation report of 158.347 acres land leased out to Port Qasim Authority for establishment of a coal stock yard and a loading station.
Update on M/s Sociedade-De-Fomento Industrial Private Limited (india) vs. M/s Pakistan Steel Mills Corporation (Private) Limited (Pakistan), arbitration M/s Sesa Goa Ltd (india) vs. Pakistan Steel before International Court of Arbitration will also come under discussion.
The Board will accord approval of annual audited accounts of Pakistan Steel Mills for the year ended June 30, 2015, waste material (HMLR & Runner Scrap Etc.), related party transactions, hot preservation of COB-1 and payment of outstanding dues of M/s Concord, outstanding payment of M/s JSC VO Tyazhpromexport, Russia amounting to Rs 19,922,650/- against salaries and reimburse amount, outstanding payment of ship-owner $ 4,466,524.80 equivalent to Rs 473.00 million (approx) 10% balance freight against various vessels of coal and iron ore cargo.
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