SC directs for early 56 Companies’ case resolution

Staff Report

ISLAMABAD: Supreme Court (SC) on Monday conducted hearing on the case pertaining to irregularities in 56 Punjab companies. During the proceedings, Chief Justice of Pakistan (CJP) Gulzar Ahmed asked why these companies have not been closed yet over which, the advocate general told that 37 out of 56 companies are benefiting the people.
Responding to the argument, the top judge said that you are trying to follow East India strategy and directed to resolve the issue now. The government should perform its duties with responsible attitude, the CJP asserted. Subsequently, the hearing has been adjourned for one month. Earlier, National Accountability Bureau (NAB) had recovered Rs 1 billion in Punjab 56 companies’ mega scandal.
It is to be mentioned here that ex-Punjab government had constituted 56 companies under guise of good governance and registered them under Article-42 of Companies Ordinance 1984. Former Punjab Chief Minister Shehbaz Sharif was inspired by the Turkish model and therefore summoned analysts from the same.
Before formation of these companies, 113970 employees were working in different departments across Punjab and the figure augmented to 157500 following arrival of Turkish corporations. Rules were either disregarded or revoked while contracts were given on basis of sheer nepotism, thus inflicting hefty losses on provincial exchequer as Shehbaz Sharif issued mammoth Rs150 bn funds in this regard.