PARVAIZ AKHTER BHATTI vs FEDERATION OF PAKISTAN through Secretary Cabinet Division, Islamabad S — 2022 CLD 731 ISLAMABAD

Case information

Citation: 2022 CLD 731 ISLAMABAD
Court: Islamabad High Court
Year: 2022
Reporter: CLD
Parties: PARVAIZ AKHTER BHATTI vs FEDERATION OF PAKISTAN through Secretary Cabinet Division, Islamabad S
Provisions referred to: S. 166---P; S. 166; Companies Act

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

PARVAIZ AKHTER BHATTI VS FEDERATION OF PAKISTAN through Secretary Cabinet Division, Islamabad S. 166---Public Sector Companies (Corporate Governance) Rules, 2013, R. 3(4)---ESTACODE, Serial No. 141---Independent Director---Appointment---Procedure---Legislative intent in S. 166 of Companies Act, 2017 and R. 3(4) of Public Sector Companies (Corporate Governance) Rules, 2013, is to ensure managerial/administrative independence of such Corporation so that they operate through their Board and not by direct intervention of Federal Government---Concept of managerial independence inculcated in Public Sector Companies (Corporate Governance) Rules, 2013, reflects that majority of Directors of Board of Directors are to be independent Directors to maintain balance amongst nominee Directors of Federal Government, who are working on instructions or will of Federal Government, whereas Independent Directors have their own views through which balance has to be maintained amongst the Board for their future business decisions to run Corporation/public sector companies in the best of their ability---Concept of Independent Director has to be seen with reference to their appointment from Data Bank maintained by Security and Exchange Commission of Pakistan---If there is no data, then principle of best of the best for a transparent procedure of appointment should have be considered in line with Serial No.141 of ESTACODE---Such procedure entails publishing an advertisement to gauge talent pool available for such post, filtering and then assessing best candidate for the post in accordance with criteria laid down in the Public Sector Companies (Corporate Governance) Rules, 2013.

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