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SC allows govt to sell 322 million OGDCL shares

SC allows govt to sell 322 million OGDCL shares

ISLAMABAD: The Supreme Court of Pakistan has ‘conditionally’ allowed the federal government to privatise Oil and Gas Development Company (OGDCL) and directed that 322 million or 10 per cent OGDCL shares be sold out to companies with higher bids.

A three-judge bench headed by Chief Justice Nasir-ul-Mulk has ordered the federal government to deposited the amount generated from selling OGDCL shares in the Federal Consolidated Fund (FCF) till the final decision of Apex Court.

Notices in this regard have also been issued to the concerned parties by the court and the hearing of the case has been adjourned for three weeks.

On Oct 9, the apex court had allowed the government and the Privatisation Commission to accept bid offers from the buyers but not to transfer the shares till the court’s decision on the appeal. Subsequently, the court summoned the entire case relating to OGDCL privatisation from the Peshawar High Court (PHC).