Business

PSMC Stakeholders’ Group requests Chairperson of Senate Committee to allow 5-members delegation to attend meeting tomorrow

KARACHI, Dec 21 (SABAH): Pakistan Steel Mills Corporation (PSMC) Stakeholders’ Group has requested the Chairperson of the Senate Standing Committee on Industries and Production Senator Khalida Ateeb and Secretary Committee Muhammad Abubakar Siddique to allow 5-members delegation to attend the meeting going to be held tomorrow (Friday), to save the interest of Pakistan Steel Mills and its Stakeholders.

The letter has been written by Convener, PSMC Stakeholders Group

Mumrez Khan on Thursday. The copy of the letter has been sent to Insaf Labour Union (CBA).

The subject of the letter is: – Request for Permission to State “MOI&P, Performance related to PSM” Cost to Country Economy/Public Exchequer

PSMC Stakeholders Group, learnt Senate Standing Committee on MOI&P, notice for meeting agenda item related to Pakistan Steel Mills as under:

i)      Comprehensive Report on the implementation status of recommendation of the Standing Committee regarding Pakistan Steel Mills (PSM), National Fertilizer Corporation (NFC) and Pakistan Industrial Technical Assistance Center (PTIAC).

ii)      The Ministry of Industries & Production to present latest position and plan regarding the future of Pakistan Steel Mills, its movable and immovable assets and employees.

2. In this regard, following questions response from MOI&P/PSM would help in resolving the problems faced by PSM, its employees (serving/illegally retrenched & retired) and other stakeholders whose billion of rupees are stuck up due TO Mills closure: –

I)        What is status of C.R.P No. 311/2006, in CP 9/2006?

ii)       What is the Status of C.A No. 327/2020?

iii)     What is NAB Progress in C. M.A No.  4917/2012 in SMC No. 15/2009, in a period of 11 years?

iv)     What is FIA progress in inquiries No. 44/2022 & No. 46/2022, in a period of 17 months?

v)     What was hurdles in privatization of profit earning PSM?

vi)     What were “Factors leading to PSM Losses from 2008 to 2021?

vii)    What are losses + payable debts liabilities of PSM as on December 2023?

viii)   What are hurdles in removing the present non-professional BOD, allegedly involved in administrative/financial irregularities, facilitated land grabbing, thefts of precious materials and illegally retrenchment more than 5,500 employees?

ix)     What are hurdles to MOI&P/Government in reconstitution of knowledgeable Board of Directors, appointment of professional Management for PSM revival proposed by PSMC Stakeholders Group?

x)     What course of action would be adopted by MOI&P in settlement of PSM payable debts liabilities?

xi)     What is hurdle in withdrawal of case No. 01/2020 from Labor Court, was filed under, section 11-A/1968, after delisting the PSM from active privatization list?

3. MOI&P/PSM briefing/report would be one sided in the absence of PSMC Stakeholders Group. Therefore, we, Request for Permission to State “MOI&P, Performance related to PSM” Cost to Country Economy/Public Exchequer. It would help the Honorable, Committee members in recommendation to Government about revival of PSM, in future helpful in revival of country economy, provision of jobs to technical human resource, support to Country Balance of Payment, provision of input materials to Engineering industries, construction sector on competitive prices and to enhance FBR revenue. PSMC stakeholders’ group (5 members delegation) be allowed to attend the meeting on 22-12-2023, to save the interest of PSM and its Stakeholders.