K-Electric Chairman Resigns After Alleged Conflict With Board Members

In a surprise move, the Director and Chairman of K-Electric Limited, Ikram Ul-Majeed Sehgal has resigned from the directorship of the company with effect from November 6, 2019.

The aforesaid information was disclosed via a statement issued by the company to the Pakistan Stock Exchange.

Ikram Sehgal had succeeded Tayyab Tareen who had resigned from his position in January this year.

Sources close to K-Electric said that differences had developed in the board on some major initiatives. Sehgal and the rest of board members were in a row due to his stance on the death toll due to electrocution of more than 30 people on July 29 and 30 this year.

He took a stance that K-Electric will own its responsibility of death if a third party conducts an investigation. He was told later by a KE’s internal investigation team that two people genuinely passed away due to the fault of KE.

Sehgal was named in the FIR. He appeared in the court’s hearing and issued a statement that K E will own its responsibility if a fault is proved. The statement was disliked by a majority of the directors at KE’s board and which resulted in differences among them.

The sources further added that K-Electric is majority-owned by Abraaj and the proposed sale of their stake is likely to prove the biggest source of recovery funds for Dubai-based Abraaj’s creditors which will also provide some money to investors.

”Ikram Sehgal will be right in feeling a moral obligation to question such moves while discussions on securing long term shareholder value were ongoing”. added the source. It was further opined that major announcements related to the energy scenario of the country like the recently announced 900 MW Bin Qasim power plant while negotiating the future of the utility’s ownership showed a conflict of prioritization at the board level.

  • “Ikram Sehgal will be right in feeling a moral obligation to question such moves while discussions on securing long term shareholder value were ongoing”. added the source.

    Are you kidding me? Ikram Sehgal stood for justice and for the Pakistani lives lost. Is this so called source saying that long term shareholder value is more valuable than Pakistani lives? If this is the case, these shareholders who think Pakistani lives and silence can be bought should leave Pakistan ASAP. We are fine thank you. Local investors, investment funds and local businessmen can take over.

  • What Mr. Sehgal done is correct when he said a word in the court,that was right bcs he has committed with the court so he has to keep his word.

  • Would any one know the reason of accidental Electrocution, and the fault was non adherence to Climate Change by the KE in its policy. KE never adhered to the Climate Change in Power Generation, understand/adhere/respect the Climate Change phenomena, nor NEPRA is bothered to listen Climate Change challenges. Should KE which is most essential part of generation is adherence/awareness to Climate Change adoption in policies any how. The consequences of Climate Change can be adressed by the Climate Change phenomenon its impact on the consumers, safety of life, electrocution, contribution, involvement to C.C. NEPRA, KE are not taking Climate Change at all. Climate Change is of highest premium to the stock holders of KE, which hs not declared to stockholders of the ‘Energy Mix’ means consumer electricity ratio for compliance of fossil fuel as coal, petrol, diesel, furnace oil abolition to Renewable Energy as solar, wind etc., that will give the company, stockholders, consumers, Pakistan to save cost, cheap electricity, and to escape rain floods, the consequences to the country. My hats off to the hero of to Mr. Saigol, resign. Please consider humble submission.

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