LAHORE: Apropos a news Item under the title ‘Company Secretary seeks 3rd extension amidst inquiries’, Lahore Electric Supply Company (Lesco) wishes to clarify that the contents of the news item are fake, concocted, baseless and misleading.
Mr. Awais Yasin, Company Secretary, was hired in LESCO in the year 2017 on market based compensation package on contract extendable on satisfactory performance. This condition of extension is mentioned even in the advertisement dated March 05, 2017. There are no inquiries pending against the company secretary at SECP, Power Division and DG Audit Power against his performance.
It is absolutely distortion of facts by the Reporter. The market based salary of Company Secretary was raised on accrual of increment as per applicable rules of LESCO. It is invalid and fabricated proclamation that he has been drawing 27% more salary than allowed. The record doesn’t substantiate this fact.
It is negated with substantive proof that there has not been any changes in original contract of employment. No doubt the employment contract of the Secretary expired on 9’h July 2023 but he has been granted extension with the approval of the Board being competent authority up to 31 October 2023 after fulfilling all the requisites laid down in the rules/procedure.
As per Corporate Governance Rules, BoD is the competent authority to decide on the appointment, terms and condition of the Company Secretary, and matters regarding extension of contract.
The case of present Company Secretary was discussed in detail in two HR Committee meetings and finally matter was approved by the Board. The copy of Board Resolution is attached at Annex-C. Furthermore, the advertisement has also been published in the newspaper for hiring of company secretary through open competition.
The issue of present extension of company secretary was referred to the legal advisor of LESCO, a renowned legal firm and Board acted upon valuable opinion in letter and spirit. The version in the newspaper that rules bar the extension of the employment contract beyond two years is a fiction. There are no such instructions in vogue or adopted by LESCO.
A non-issue of 7 days notices for holding meetings of committee has been agitated with no consequential impact. As per the SOPs approved by the Board unanimously whereby, 3 days Notice and Agenda shall be issued before the meeting which is being complied with during the Committee proceedings. Resolution 149-HRC-R/06 was adopted by the Committee unanimously in its 150th meeting held on 06.07.2023. Copy of resolution is attached at Annex-H, which exposes the authenticity of allegation of fake resolution issue cited in the newspaper.
Copyright Business Recorder, 2023