ISLAMABAD: The Ministry of Energy (MoE) has sought approval of the federal cabinet against its nominated directors to fill casual vacancies in the Board of Directors (BoDs) of the Sui Northern Gas Pipelines Limited (SNGPL), the Pakistan Mineral Development Corporation (PMDC), the Oil and Gas Development Company Limited (OGDCL) and the Pak-Arab Refinery Limited (PARCO).
According to sources, the MoE’s Petroleum Division, in a bid to fill the vacant slots, had nominated the directors for the BoDs of four public sector organisations and solicited the approval of the cabinet.
They said the casual vacancies in the BoDs of the said companies had arisen owing to certain reasons including the demise of a director, decline of offers and resignations of some directors.
The Prime Minister Office had approved the nominations on the Boards of SNGPL, PMDC and OGDCL.
The next cabinet meeting is likely to approve the filling of vacant slots in the said boards for the remaining period of the respective boards, sources added.
They said the Petroleum Division has forwarded a summary to the cabinet for approval.
As per Section 155 (3) of the Companies Act, 2017, any casual vacancy on the board of a listed company will be filled up at the earliest, but not later than 90 days from the date the vacancy occurred. Moreover, as per Section 161 (2) of the Act, the person so appointed will hold office for the remainder of the term of the director in whose place he/she is appointed.
As per documents, a casual vacancy occurred owing to the demise of Dilawar Abbas, the Chairman BoDs of SNGPL on 13th November 2019, while Mian Mohsin Hameeduddin declined the offer to serve as director in the board of PPL owing to his personal reasons with effect from 28th June 2019.
Similarly, Shamsudddin Ahmed Sheikh also declined the offer to serve as director in the BoDs of PMDC with effect from 22nd November 2019 owing to personal reason. Tariq Ali Shah has resigned with effect from 20th November, 2019 from the BoDs of OGDCL.
According to documents, Shabbir Hussain Hashmi was offered to work as director against the casual vacancy in the SNGPL’s board, Shamsudddin Ahmed Sheikh was proposed to work as director in the board of PPL, Muhammad Iqbal Malik was offered to work as director in the board of PMDC, while the Sindh Chief Secretary was proposed to work as director in the BoDs of OGDCL.
Sources also informed that the PM Office had approved the nomination of Shabbir Hussain Hashmi as director in the BoDs of SNGPL, Muhammad Iqbal Malik as director in the BoDs of PMDC and Sindh’s Secretary Energy as director in the BoDs of OGDCL.
Meanwhile, the PM Office has also approved the Secretary Petroleum Division as Director/Chairman of BoDs of Pak-Arab Refinery Limited (PARCO), while Additional Secretary (Policy) Petroleum Division as Director, Aftab Hussain as Director (Sindh), Abdul Hadi Shah as Director (Khyber Pakhtunkhwa), Bushra Naz Malik as Director (Punjab/women representative), Managing Director PARCO as Director in the BoDs of PARCO. And, the PM Office also approved to seek the approval of the cabinet in this regard.
The total strength of the BoDs of PARCO is 10 out of which the GoP nominates six and four represent ADPIC.