KARACHI: Sindh High Court (SHC) has declared the appointments of HBFCL's CFO, head of credit and risk management, head of human resource and head of internal audit as illegal, void and without legal effect.

The SHC in its short order dated October 11, 2021 declared that the private respondents were not eligible to be appointed as Chief Financial Officer (CFO), head of credit and risk management, head of human resource and head of internal audit of the HBFCL.

It stated that the appointments of the private respondents made by the HBFCL vide notifications dated 5th and 12th January , 2016 & 19th April, 2016 violated the qualifications of criteria prescribed under section 14 of the Public Sector Companies (Corporate Governance Rules 2013) and the legal provisions in respect of such an appointments were illegal, void, and without legal effect and are hereby set aside.

Furthermore, the SHC said that the HBFCL and the private respondents had nothing with them to defend these "palpable illegalities" in the process of the appointments; therefore, the court was of the considered view that the appointments of the private respondents were made in violation of the section 14 of the Public Sector Companies (Corporate governance Rules 2013).

Copyright Business Recorder, 2021