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Summary Nine months lapsed but govt has failed to appoint new MD House Building Finance Company Limited.
It is interesting to note that the term of Managing Director Syed Azhar Abbass Jaffari has ended in the very beginning of the year.According to sources managing director Syed Azhar Abbass Jaffari still holds the post of House Building Finance Company Limited’s MD without any legal authority and approval from any quarter.However, Syed Azhar Abbass Jaffari told this agency that Securities Exchange Commission of Pakistan’s (SECP) section 199 gave him the right to hold the position till the appointment of new Chief Executive Officer (CEOs) of the company.“I have written many times to finance ministry for the appointment of new CEO and seven Board of Directors which were yet to be appointed,” he said, adding when finance ministry would give him direction to vacate the post he would do so without wasting even a moment.The government had appointed Syed Azhar Abbass Jaffari as Managing Director and chairman House Building Finance Company Limited on January 5th 2009 for three years.According to sources after the end of his first tenure posting on 5th January 2012 and for next posting or reappointment, the issue of the retirement age becomes most important in the light of various Supreme Court decisions, and in the light of governments own directive contained in office memorandum no. 1/8/2011-E-6 dated 15th September 2011.In the light of all these, no authority in the world can give Azhar Abbas Jaffari a legitimate second chance to run the government’s company.Sources said after expiry of his term upon reaching the age of superannuation, Azhar Abbas Jaffari cannot continue his position as Managing Director company, and cannot use public nation’s money to draw millions of rupees on account of monthly salary, spend thousands millions of rupees on his traveling and daily allowances, as now all his visits are technically of his personal nature. But he is continuing his position.“Azhar Abbas Jaffari is continuing his post on the strength of the Board resolution passed in August last year. But Board resolution has no legal standing whatsoever as the circumstantial evidences do not indicate any such ‘resolution’ was passed by the Board in August/September 2011, almost 6 months before Jaffari’s end of term in January 2012,”sources added.When contacted with Secretary Finance Abdul Wajid Rana, he refused to comment on the issue.
