Cabinet committee “approves” DISCO’s boards’ dissolution.

The gathering was presiding over by Finance Minister Muhammad Aurangzeb.

Sources state that following the Cabinet’s approval of the move, a notification of the boards’ dissolution will be sent out. Nine of the eleven state-owned electricity companies have new boards approved by the committee.

The approval of the Board Nominations Committee, led by the Federal Minister for Power, was recommended to the Cabinet Committee, according to within sources. According to these sources, new boards will be established for LESCO, FESCO, MEPCO, GEPCO, and ISECO.

Sources from the government also stated that new boards will be formed for PESCO, QESCO, TESCO, and HESCO.

Continue reading: Ministry says it has no intention to give DISCOs to any institution.

Sources revealed that SEPCO and HESCO’s boards were going to be reconfigured, but Prime Minister Shehbaz Sharif stopped it earlier. According to sources, the State-Owned Enterprises Act 2023 has undergone revisions by the federal government recently.

Federal authorities have proposed an ordinance regarding the dismissal of board members from state-owned businesses. The sources mentioned that the ordinance addresses the legal challenges and intricacies involved in dissolving the boards.

The power companies’ independent directors have not performed up to par, according to government sources. As such, a resolution has been reached to substitute these impartial directors. The electricity distribution corporations will appoint professionals, according to official sources.