The government has once again dismissed the boards of nine power distribution companies (DISCOs) due to losses amounting to Rs589 billion this fiscal year.
The CCoSOEs dissolved the boards of Faisalabad, Islamabad, Gujranwala, Multan, Lahore, Hazara, Quetta, Peshawar, and Tribal Areas power distribution companies, and approved new board nominations for these nine DISCOs.
This marks the second instance within a month that the Cabinet Committee on State-Owned Enterprises (CCoSOEs) has decided to dissolve the boards of DISCOs after its initial decision was delayed by political pressure.
The Power Division informed the committee that performance agreements had been signed with the respective chairmen on behalf of all independent directors to ensure the improved performance of DISCOs. Despite these efforts, no visible change in the performance of DISCOs was observed, and they are projected to incur a loss of about Rs589 billion during the current financial year.
The Power Division altered its recommendations for the chairmen of six boards compared to the previous month, retaining three old recommendations.
The Quetta Electric Supply Company (Qesco) board was dismissed for incurring the highest annual loss of Rs138 billion, with Mahfooz Ali Khan appointed as the new chairman.
Other independent directors for Qesco include Rehmat Ullah Khan, Tahir Rasheed, Roshan Khursheed Bharucha, and Ahmedur Rehman.
The Peshawar Electric Supply Company (Pesco) board was replaced due to a Rs137 billion loss. Himayat Ullah Khan was approved as the new chairman, replacing the earlier recommendation of Ali Gulfraz.
Other independent members of the Pesco board include Tahir Ali Khan, Fazal-e-Khaliq, Saima Akbar Khattak, and Saud Azam.
Tesco, which caused a Rs51 billion loss, also has Himayat Ullah Khan as its chairman, along with the Hazara Electric Supply Company (Hazeco).
Faisalabad Electric Supply Company (Fesco) board was ousted over a Rs17 billion loss, with Omer Farooq Khanas appointed as the new chairman, replacing the previous recommendation of Imran Zaffar.
New independent directors for Fesco include Zoe Khurshid Khan, Pervaiz Iqbal, Adil Bashir, and Amer Zia.
Gujranwala Electric Power Company (Gepco) board was dismissed due to a Rs12 billion loss. Imran Zaffar was appointed as the new chairman, replacing the earlier recommendation of Tahir Masood.
Independent directors for Gepco include Tahir Masoo, Zoe Khurshid Khan, Ilyas Ahmad, and Muhammad Sadiq.
Multan Electric Power Company (Mepco) board was dismissed for a Rs38 billion loss, with Amer Zia appointed as its chairman. Independent directors for Mepco include Imran Zaffar, Zainab Janjua, Tahir Basharat Cheema, and Khawaja Jalaluddin.
Lahore Electric Supply Company (Lesco) board was removed due to a Rs43 billion loss, with Amer Zia appointed as chairman and independent directors Zoe Khurshid Khan, Zaffar Mahmood, Tahir Basharat Cheema, and Asad Shafi.
Islamabad Electric Supply Company (Iesco) board was replaced due to losses of Rs41 billion, with Tahir Masood appointed as the new chairman, replacing the earlier recommendation of Amer Zia.
