Closure of 30 companies recommended

LAHORE: A special committee, formed by the Chief Minister Usman Buzdar, on private sector companies (PSCs) recommended closure of 30, out of 70, companies in a meeting held at Civil Secretariat. Chaired by Law, Parliamentary Affairs and Local Government Raja Basharat, the meeting was also attended by Minister for Industries and Trade Mian Aslam Iqbal and senior officials. The meeting took up the issues of companies in the light of Lahore High Court decision and instructions of the chief minister.

Addressing the meeting, Basharat said that the closure of non-functional companies would save billions of rupees for Punjab government. He regretted that no measures were adopted in the past to make the companies useful. "On inspection, it was found that no mechanism exists for the repayment of heavy loans borrowed by the PSCs. Now, the present government will have to bear this burden", he observed. The minister directed concerned departments to complete the Board of Directors of their respective companies. He said each company should develop its business plan based on sustainability and self-reliance as no company will be allowed to work without a viable business plan in future.

He also asked them to complete their homework about the final decision regarding continuation o r closer of their company and a report in this regard be submitted by June 14, the next date of LHC hearing. The meeting suggested that recommendations might be sent to the CM for taking up the matter of PSCs in the Cabinet Committee to formulate a comprehensive polity in order to settle the long awaited issue of these companies. Hearing a suo motu case at the SC Lahore Registry, the top court ordered ll the public servants working as heads of public sector companies to return the money received by them over and above their regular salaries to the government within one month.