SEL clarifies FIR allegations, says business continues as usual

July 23, 2026 (MLN): Sitara Energy Limited (PSX:SEL) has clarified that a recently registered First Information Report (FIR) by the Federal Investigation Agency (FIA), which names the company's Chief Executive Officer, pertains to a discontinued Power Purchase Agreement (PPA) with Faisalabad Electric Supply Company (FESCO) rather than any ongoing business activity, and that the company's operations remain unaffected.

The company addressed media reports circulating in print, electronic, and social media regarding the FIR.

It stated that the allegations relate to regulatory matters arising from the PPA with FESCO, which was discontinued in March 2015, and that these matters have remained under review before the National Electric Power Regulatory Authority (NEPRA) and other relevant legal forums.

The company maintained that it has consistently acted in accordance with applicable laws and regulatory requirements, extending full cooperation to the concerned authorities and providing all necessary information, documents, and assistance during the course of proceedings.

It further noted that the FIR pertains to business activity spanning 2006 to 2015 a period that began roughly two decades ago and concluded eleven years back  and that the allegations remain subject to investigation and adjudication by competent authorities.

The company categorically denied the allegations contained in the FIR and said it reserves all rights and remedies available under applicable law, adding that the matter is being pursued before the relevant legal and regulatory forums.

Sitara Energy affirmed that its operations are continuing as usual and that its obligations remain unaffected by the development.

The aforementioned information was disseminated through a notification to Exchange.

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