ISLAMABAD: The Supreme Court on Friday allowed the Oil and Gas Development Authority (OGDCL) government shares to be presented for auction. However, OGDCL cannot auction these shares until the court issues its verdict in the case.
A two member apex court bench comprising Justice Ejaz Afzal and Justice Gulzar Ahmed heard the federations appeal over the auction of OGDCL shares. Attorney General, Salman Butt argued that the privatization of OGDCL was in the national interest.
The apex court in its order stated that government shares can be presented for auction, however, OGDCL cannot sell the shares until the court issues its verdict. The decision on the transfer of shares will be made on Monday.
The Peshawar High Court (PHC) had issued a stay order on the buying, selling and transfer of OGDCL shares which the Privatization Commission challenged in the Supreme Court.
Privatization Commission sources revealed earlier, that schedules for the planned ‘road shows’ had not been altered and will go ahead as planned.
The government wants to auction 33.60 million shares of OGDCL with 7.5% to foreign investors and 2.5% locally which will rake in US$ 885,000,000.
The hearing of the case has been adjourned till October 13.