ISLAMABAD: The Islamabad High Court (IHC) here Friday vacated a stay order against the removal of Pak Datacom Limited (PDL) CEO and the company has immediately appointed a new CEO Syed Abrar Hussain and Farhat Mansoor as secretary.
Pak Datacom is the largest public sector data network in Pakistan with 55 percent equity in the company, whereas general public and foreign investors have 45 percent shares. Due to the stay order dated December 2, 2016 where IHC bench had directed parties to maintain status quo, Brigadier (R) Arshad Kayani had been retaining the position as company’s CEO. The IHC single-judge bench of Justice Athar Minallah after vacating stay order referred the matter to the IHC chief justice requesting to fix the matter before another bench.
Arshad Kayani was removed by the board of directors after which he challenged his removal in the IHC and obtained a status quo order. He was appointed as CEO PDL for three years in April 2013 during the tenure of the caretaker government.
Legal counsel for PDL told the court that an extraordinary general body meeting of PDL shareholders was called on December 22, 2016 where three directors of PDL were removed with 87 percent majority. Minutes of the said meeting were also produced before the court. The counsel further told the court that the said decision was taken due to bad performance of the company.
The IHC bench after hearing arguments observed that in this context the petition has become infructuous. Pak Datacom is a subsidiary of Telecom Foundation. Consequential to the said development, the chairman PDL issued a notification for the appointment of Syed Abrar Hussain as CEO and Farhat Mansoor as the company secretary.