Islamabad High Court (IHC) has declared the formation of the Cabinet Committee on Privatization illegal. The court said that financial adviser Abdul Hafeez Sheikh could not be the head of the cabinet committee, while, the court also annulled the notification issued on April 25, 2019 in this regard.
After hearing the petition filed by PML-N National Assembly member Rana Iradat through Mohsin Shah Nawaz Ranjha Advocate, the court gave its brief verdict. Approving the petition, the court said that the formation of the Cabinet Committee on Privatization was against the rules and regulations. Hafeez Sheikh could not be the head of the Cabinet Committee, the court said.
The court also ruled that the inclusion of the Adviser on Commerce and Investment and the Adviser on Institutional Reforms in the Cabinet Committee was illegal.
What major decisions has the Privatization Committee made so far?
The privatization committee has so far approved the sale of 7% shares of OGDCL, 10% shares of PPL, 20% shares of Pakistan Reinsurance Company and 32 government lands. The committee also decided to privatize SME Bank, First Women Bank and House Building Finance Corporation. The committee also decided to cancel the privatization of the Roosevelt Hotel and run it as a joint venture.
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