K-Electric apprises PSX regarding the verdict of SHC

January 25, 2021 (MLN): K-Electric Company today officially announced the verdict of the Sindh High Court, wherein judgement was passed in the company’s favor.

Making the announcement via PSX, the company informed that the Sindh High Court dismissed the Constitutional Petition titled as ‘K.E.S.C Labour Union and Others vs. Federation of Pakistan and Others’ along with related petitions, through which the privatization of K-Electric Limited was challenged.

As reported earlier, the Sindh Hight court made it clear that process of privatization was not illegal and therefore, the applications filed by the plaintiffs lacked conviction as to why the company should not be privatized.

For the uninitiated, the company had been in a longstanding battle with various parties that challenged its privatization, with KESC Labor Union being one of them. The KESC Labor Union and others had approached the court in 2005 against the federal government's decision to sell the company to the Dubai-based The Abraaj Group.

Further criticism was directed towards the company after it struck a deal with Shanghai Electric Company, with some media reports claiming that the judges expressed their displeasure over the agreement in the previously held proceedings. 

Copyright Mettis Link News