K-Electric Company today officially announced the verdict of the Sindh High Court, wherein judgment was passed in the company’s favor.
In a notice to Pakistan Stock Exchange, K-Electric has announced that the Sindh High Court has aptly dismissed the Constitutional Petition file by K.E.S.C Labor Union against Federation of Pakistan and Others, where privatization of K-Electric Limited was challenged. Along with it, other related petitions were also discarded.
Sindh High court had previously declared that process of privatization was not illegal and therefore, the applications filed by the plaintiffs were without substance and conviction where by privatization was challenged.
K-Electric had been facing various legal cases where privatization was challenged. KESC Labor Union was major petitioners in those cases. The KESC Labor Union and others had approached the court in 2005 against the federal government’s decision to sell the company to the Dubai-based The Abraaj Group.
The legal cases were aggravated when K-Electric management declared its intention to sell shareholding to Shanghai Electric Company, while media reports claiming that the judges expressed their displeasure over the agreement in the previously held proceedings.
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