KARACHI – In a surprise move, the Director and Chairman of K-ElectricLimited, Ikram Ul-Majeed Sehgal has resigned from the directorship of thecompany with effect from November 6, 2019.
The aforesaid information was disclosed via a statement issued by thecompany to the Pakistan Stock Exchange.
Ikram Sehgal had succeeded Tayyab Tareen who had resigned from his positionin January this year.
Sources close to K-Electric said that differences had developed in theboard on some major initiatives. Sehgal and the rest of board members werein a row due to his stance on the death toll due to electrocution of morethan 30 people on July 29 and 30 this year.
He took a stance that K-Electric will own its responsibility of death if athird party conducts an investigation. He was told later by a KE’s internalinvestigation team that two people genuinely passed away due to the faultof KE.
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Sehgal was named in the FIR. He appeared in the court’s hearing and issueda statement that K E will own its responsibility if a fault is proved. Thestatement was disliked by a majority of the directors at KE’s board andwhich resulted in differences among them.
The sources further added that K-Electric is majority-owned by Abraaj andthe proposed sale of their stake is likely to prove the biggest source ofrecovery funds for Dubai-based Abraaj’s creditors which will also providesome money to investors.
”Ikram Sehgal will be right in feeling a moral obligation to question suchmoves while discussions on securing long term shareholder value wereongoing”. added the source.
