Pakistan Steel Mills' Board of Directors (BoD) has formed a three-member committee for court case and decided to regularly review high profile cases. The 408th meeting of BoD of Pakistan Steel was held on Thursday which was chaired by Aamir Mumtaz, Chairman of the Board.
The main driver for the meeting, apart from routine matters, was to apprise the Board of court cases related to claims arising from the pre-2015 period, which were coming to head in the very near future. The meeting deliberated on the matters at length and decided that it would be regularly reviewing high profile cases and formed a three-member committee to come up with findings and recommendations for the Board.
The Board also passed a resolution to instruct the management to improve governance, accountability, management of legal cases, full pursuit of actions to recover debts, reduce wastage and ensure compliance with company policies and rules.
The members were also briefed on revival related topics and their progress. The Board also considered the long pending issues of PSM land affairs, especially with M/s NIP, an organization under administrative control of the Ministry of Industries and Production (MoIP).
The Board gave its recommendations and directed the management to take up the matter with the MoIP so that the pending payments by NIP could be utilized in clearing the outstanding retirement dues of PSM employees. During the meeting, the PSM Board took administrative decisions like restoration of Friday as working day for departments which are not directly related to production process.
The Board also gave directions to settle the various audit paras and also to dispose-off the condemned vehicles through tendering process to generate funds for repair of existing vehicles to make them road worthy.
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