Special Committee formed by the Chief Minister Punjab on Private Sector Companies (PSCs) recommends closure of 30 out of 70 companies in a meeting held at Civil Secretariat on Tuesday. The meeting chaired by Provincial Minister for Law, Parliamentary Affairs and Local Government Raja Basharat was also attended among others by the provincial minister for industries and trade Mian Aslam Iqbal and Secretaries of concerned departments. The meeting deliberated issues of PSCs of Punjab in the light of Lahore High Court case and instructions of C.M Punjab. Raja Basharat said that the closure of non-functional companies would save billions of rupees for Punjab Government. He regretted that no measures were adopted to make the companies sustainable at the time of their inspection due to which no mechanism exists for the repayment of heavy loans borrowed by the PSCs, now likely to bear this burden by present government. The chair directed concerned departments to complete the Board of Directors of their respective companies. He said “Each company is directed to develop its business plan based on sustainability and self-reliance as no company will be allowed to work without a viable business plan in future. All concerned departments are also directed to complete their homework about the final decision regarding continuation are closer of their company and a report in this regard be submitted by 14th June which is next date of hearing at LHC.” The meeting suggested that recommendations might be sent to C.M Punjab for taking up the matter of PSCs in Cabinet Committee to formulate a comprehensive polity in order to settle the long awaited issue of PSCs.
