In a move towards accelerating the privatization of the government’s assets including Pakistan International Airlines (PIA), the Federal Cabinet has given its nod for the issuance of an ordinance, reported the 24NewsHD TV channel.
The decision aimed at removing obstacles hindering the privatization process.
One of the significant measures endorsed by the Cabinet is the termination of the jurisdiction of High Courts and other courts in matters related to privatization.
This strategic decision seeks to streamline the process by eliminating legal challenges that have historically impeded privatization efforts.
An Appellate Tribunal will be established with the specific mandate of hearing petitions against privatization.
The decisions made by the Privatization Commission Appellate Tribunal will have finality, as they can only be contested in the Supreme Court.
According to the TV report, the privatization process was badly affected by the filing of cases in various courts against the privatization process.
The creation of this tribunal is a response to the demands of both domestic and foreign investors, who have often faced delays due to legal complications.
The privatization process has faced significant setbacks due to the filing of cases in various courts across the country.
To address this issue, the Cabinet's decision includes the transfer of pending cases in High Courts and other courts to the newly established Appellate Tribunal. This transfer is expected to centralize proceedings and streamline the resolution of privatization disputes.
Reporter: Awais Kiyani