Special Report
ISLAMABAD: Federal cabinet, through circulation of summary, has approved the appointment of Rizwan Ahmed Bhatti as Chief Executive of Pakistan Industrial Development Corporation (Pvt) Limited (PIDC) for a maximum of 03 years from the date of assumption of charge.
According to sources, Industries and Production Division, in a summary for the federal cabinet, has proposed that the Cabinet may concur with the recommendation of PIDC Board of Directors for appointment of the highest scoring candidate i-e Rizwan Ahmed Bhatti as Chief Executive PIDC in terms of Rule 5 (2) of Public Sector Companies (Corporate Governance) Rules, 2013. And, Cabinet has approved the appointment of Rizwan Ahmed Bhatti as Chief Executive PIDC.
As per details, Pakistan Industrial Development Corporation (Pvt) Limited (PIDC) is a public sector company registered with Securities and Exchange Commission of Pakistan under Companies Act, 2017. It works under the administrative control of Industries and Production Division, with the objective to facilitate industrialization by creating enabling environment.
In terms of Section 187 (4) of the Companies Act, 2017 read with Rule 5 (2) of Public Sector Companies (Corporate Governance), Rules 2013 and Article 78 of Articles of Association of PIDC, Federal Government can either nominate or concur with recommendation of Board of Directors for appointment of Chief Executive.
The position of Chief Executive PIDC was advertised on November 22, 2022. PIDC Board of Directors received 31 applications within due date, found 25 candidates as eligible and conducted interviews of 12 candidates. Scrutiny of record as well as due diligence was carried out by the Board of Directors. Three candidates named as Rizwan Ahmed Bhatti, Asif Saeed Sindhu and Muhammad Alamgir Chaudhry were recommended by the PIDC Board of Directors in order of merit for appointment as Chief Executive.
Out of these three candidates, Rizwan Ahmed Bhatti secured top position (80 points), while Asif Saeed Sindhu secured second position (75 points) and Muhammad Alamgir Chaudhry secured third position (72 points) in the merit list.
Industries and Production Division has proposed that the Cabinet may concur with the recommendation of PIDC Board of Directors for appointment of the highest scoring candidate i-e Rizwan Ahmed Bhatti as Chief Executive PIDC in terms of Rule 5 (2) of Public Sector Companies (Corporate Governance) Rules, 2013. The Board has not mentioned any timeframe, therefore, it is proposed that keeping in view the past practice and in terms of Rule 187 (1) of Companies Act, 2017, the tenure may be fixed for a maximum of 03 years from the date of assumption of charge.
It is pertinent to mention that consultation with the Establishment Division has been done in terms of Rule 11 (c) of Rules of Business, 1973. Similarly, the Prime Minister has accorded his approval for placing the summary before the Federal Cabinet through circulation in terms of Rule 17 (1) (b) of Rules of Business, 1973.Moreover, Minister for Industries and Production has authorized the submission of the summary to the federal cabinet.
