A correspondent for us
ISLAMABAD: The third time round, the Petroleum Division seeks to delay the SSGC board’s time period.
Concerning a 3rd extension of the enterprise board’s tenure, the Petroleum Division has requested that Sui Southern Gasoline enterprise (SSGCL) file a grievance with the Pakistani Securities Trade Fee (SECP).
Beforehand, the board obtained two extensions from the federal government.
The SSGC board’s tenure is at the moment being prolonged for a 3rd time with SECP’s approval.
The Federal Authorities’s Board of Administrators (BoDs) nominations for SSGCL are nonetheless being finalised, in accordance with a letter from the Petroleum Division to SSGC.
It is because the identical course of will take longer to finish and so they have to stick to a broad variety of authorized and codal standards, together with approval from the Federal Cupboard.
In consequence, the Board of Administrators elections for SSGCL could also be postponed for an extra 180 days to provide the Federal Authorities time to finish all authorized necessities for the upcoming election of SSGCL BoDs, together with finalising the nominations of Administrators for the SSGCL BoDs, the Petroleum division stated.
The SSGC board’s time period concluded on October 28, 2022. The ministry nonetheless hasn’t chosen new leaders after 5 months.
Nonetheless, the ministry requested a three-month extension of the board time period, which was granted after a one-time exception to SECP rules was granted by the Securities and Trade Fee of Pakistan (SECP).
With the intention to appoint new administrators by January 26, 2023, the SECP was given an extension of 90 days by the Ministry of Power’s Petroleum Division.
On April 26, 2023, an additional postponement that was granted got here to an finish.
SSGC was now instructed by the federal government to strategy SECP for an additional extension.
The corporate, which was previously the most effective native public utility, is at the moment unable to offer a constant provide of fuel to its customers and has been struggling monetary losses on account of fuel theft and leaks for the previous three years.
The coalition authorities should act responsibly and select administrators who’ve the required {qualifications} to information SSGC out of its present mess, in accordance with the corporate’s stakeholders.
