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Cabinet Committee greenlights PTDC dissolution amid ongoing litigations

Cabinet Committee greenlights PTDC dissolution amid ongoing litigations
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June 21, 2024 (MLN): The Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Thursday directed the Cabinet Division to initiate the process for winding up of the Pakistan Tourism Development Corporation (PTDC) by clearing the ongoing litigations etc.

The Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb presided over a meeting of the Cabinet Committee on State-Owned Enterprises at Finance Division.

The meeting was also attended by Minister for Housing & Works Mian Riaz Hussain Pirzada, Minister for Maritime Affairs Mr. Qaiser Ahmed Sheikh, Minister of Federal Education and Professional Training of Pakistan Khalid Maqbool Siddiqui, Federal Secretaries and other senior officers of the relevant ministries.

During the meeting, the Committee considered the summaries presented by different Ministries/Divisions for the categorization of their relevant State-Owned Enterprises (SOEs) as strategic/ essential or otherwise.

The Cabinet Division presented summaries related to PTDC and the Printing Corporation of Pakistan (PCP).

The Committee directed that PCP’s Board be reconstituted in line with SOE Law & Policy & and the business viability plan presented to the Committee before a final decision is taken on the future of the entity.

The CCoSOEs also considered the summaries of the Ministry of Housing & Works relating to PEPAC & National Construction Limited (NCL).

The committee approved the proposal for winding up of PEPAC.

It also directed the authorities to complete the ongoing projects of the NCL and prepare the plan for winding up its operations.

The committee further approved the proposals presented by the Ministry of Maritime Affairs regarding the categorization of the Port Authorities i.e. Port Qasim Authority (PQA), Karachi Port Trust (KPT), and Gawadar Port Authority (GPA) as Essential.

The Committee was informed that port operations were already outsourced in a number of cases & this policy will continue.

The Committee directed M/o Maritime Affairs to ensure that the governance framework of Port Authorities is compliant with the SOE law.

To this end, the Ministry will initiate amendments to their respective statutes.

The summary presented by Power Division to consider the recommendations of Board Nominations Committee (BNC) regarding boards of Electricity Distribution Companies (DISCOs) was approved by the Cabinet Committee, which contained nominations for Boards of 9 electricity distribution companies.

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Posted on: 2024-06-21T10:03:14+05:00