Govt approves dissolution of boards of nine power distribution companies
Business
New boards will be appointed for Lesco, Fesco, Mepco, Gepco, Iesco, Pesco, Kesco, Tesco and Hesco
ISLAMABAD (Dunya News) – The government has approved the dissolution of the boards of nine power distribution companies (Disco).
According to sources, this approval came during a cabinet committee meeting chaired by Finance Minister Muhammad Aurangzeb. A notification regarding this decision will be issued shortly.
Sources also indicated that following the cabinet committee's decision, new boards would be appointed for Lesco, Fesco, Mepco, Gepco, Iesco, Pesco, Kesco, Tesco, and Hesco, replacing the existing ones.
Sources mentioned that the prime minister had directed the reconstitution of the boards of Sepco and Hesco separately.
It is worth noting that the federal government had recently amended the Act of 2023 pertaining to state-owned enterprises.
This amendment was introduced through an ordinance, which enabled the removal of board members of these enterprises and facilitated the dissolution of boards by removing legal hurdles.
Sources added that due to unsatisfactory performance by independent directors of the power distribution companies, a decision was made to replace them with qualified professionals.
