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Govt allowed to present 10pc OGDCL shares for auction

Govt allowed to present 10pc OGDCL shares for auction

ISLAMABAD: The federal government has been allowed to present 10 per cent shares of Oil and Gas Development Company Limited (OGDCL) for auction, but barred from selling them till the final decision of the Apex Court.

A two-member bench of Supreme Court of Pakistan, comprising Justice Ejaz Afzal Khan and Justice Gulzar Ahmed, has suspended the Peshawar High Court’s order of banning auction of OGDCL shares in the market.

Attorney General Salman Butt, representing the government, argued that the privatisation of OGDCL was in the national interest, so the auctioning of shares must be allowed.

The federal government had filed an appeal in the Supreme Court and requested to vacate the stay issued by the Peshawar High Court in the OGDCL privatisation which had been challenged by the Khyber-Pakhtunkhwa government.