Islamabad: The government has approved the dissolution of the boards of nine distribution companies. According to sources, the approval was obtained in a Cabinet meeting chaired by Finance Minister Muhammad Aurangzeb. A decision will be made shortly.
Sources also informed that new boards will be formed for Lesco, Fesco, Mepco, Gepco, Iesco, Pesco, Kesco, Tesco and Hesco after the cabinet decision.
Sources said the Prime Minister specifically directed the revival of Sepco and Hesco boards. It should be noted that the Federal Government has recently amended the State Business Act 2023.
The amendment was introduced by a resolution that would allow these businesses to remove board members and facilitate the dissolution of the board by removing legal barriers.
Sources said that the independent directors of the power distribution company have decided to replace them with qualified professionals due to their satisfactory performance.
