Govt files review appeal in SC on its decision against privatisation of PSM: Zahid Hamid

Saturday September 09, 2006 (0846 PST)

ISLAMABAD: Federal Minister for Privatization and Investment, Zahid Hamid speaks during a press conference at Press Information Department. Federal Minister for Information & Broadcasting Muhammad Ali Durrani is also present. Email Most Popular Print Add to Favorite Related Links Review petition filed in steel mills case , a bid to protect PM , his associates: Hashmat Habib Steel Mill verdict indicts President, PM: Nawaz Aftermath of PSM privatization Apex Court's judgment a Good Omen Govt upholds Supreme Court’s verdict on privatization of the Steel Mills: PM More Related News >>  Pictorial ,  No of Pictures: 8

ISLAMABAD: Government has filed review appeal in Supreme Court on its decision against the privatisation of Pakistan Steel Mills (PSM) here Friday praying the apex court to provide guidelines on privatisation of the mills afresh.

This was said by minister for Privatization Zahid Hamid and Information Minister Muhammad Ali Durrani while addressing a joint press conference here Friday.

Minister for privatisation told the privatisation commission has filed review appeal with the supreme court on its decision against the privatisation of PSM. Government has sought guidelines from apex court with reference to the observation made by the court besides presenting clarification focusing on 9 points.

He informed that the federation of Pakistan, privatisation commission and PSM exercising their legal and constitutional right have filed review appeal under article 188 of the constitution in supreme court with respect to its decisions of June, 23, 2006 and August, 8, 2006.

He went on to say government has implemented SC decision to considerable extent. The Council of Common Interests (CCI) was reconstituted within stipulated timeframe. The PSM case was presented before the CCI in its meeting on August 2 for reconsideration. The CCI however endorsed May, 29, 1997 decision.

As per apex court ruling, 10 percent shares of steel mills will be offered for general public. The steel mills deal has been annulled. The security and other amount has been returned to successful bidder. However, certain observations given by the supreme court could affect the re-privatisation process of PSM. Therefore government has decided to approach the SC for its guidance so that the reservations of the court on the government privatisation policy are removed. Government will continue with the privatisation process in transparent manner, which is corner stone of government policy.

He indicated the estimated sale cost of PSM will be evolved afresh. Privatisation process will continue unhindered.

Replying to a question, he said PTCL privatisation process was conducted in transparent manner. No irregularity has been committed in this respect. What procedure government had adopted in connection with the privatization of PSM was correct. We have presented our view point before the apex court.

To a question he told that Rs 6.6 million were paid to the advisor to the prime minister and state counsel Sharif ud Din Pirzada in connection with the PSM case and there is no substance in the media reports that 10 million dollars were paid to him. He can continue his private legal practice as member of cabinet.