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.