Law: Privatisation Commission Ordinance, 2000

Section: 23,24,25,28,29

Law: Civil Procedure Code (V of 1908)

Section: O.XXXIX,Rr.1,2

Law: Constitution of Pakistan, 1973

Section: 153,154

Privatization Commission Ordinance (LII of 2000)--Ss. 23, 24, 25, 28 & 29 Constitution of Pakistan (1973), Arts. 153 & 154 Civil Procedure Code (V of 1908), O.XXXIX, Rr. 1 & 2 Privatization of a Company Application for grant of temporary injunction by Employees' Management Group of the company which was being privatized Advertisement, valuation and mode of privatization Procedure Detailed narration of facts as well as the documents produced by all the sides concerned and the counter affidavits on record showed that detailed factual position and computation of the value of the shares had been shown Advertisement had been made in all the leading newspapers including the foreign ones Valuation of the property had been made out for all practical purposes which stood proved Summary of valuation had been filed which showed that valuers and legal advisor were appointed to evaluate fair value of the company to be privatized Methodology adopted for coming into a fair assumption had been given in detail in the relevant documents Shares of the Company had been offered for sale by inviting tenders from the general public ¬Methodology of pre-qualification and ultimately being in a position to bid for the shares had been given in the advertisement Minutes of Council of Common Interest were on record wherein amongst various things discussed, a list of organizations that were going to be privatized was also annexed and name of the Company which was being privatized, in the present case, was also mentioned in the said list Company in question was located in the Province of Sindh and did not come within the ambit of the matters which the Council of Common Interest would be willing to look into or should look into as provided by the Constitution Not only the plaintiffs were given right to participate but were given all the encouragement to participate at various stages Basic qualifications which were essential for the plaintiffs to pre-qualify were not fulfilled Privatization Commission at the behest of the plaintiffs reduced the amount of bid money and in spite of the reduction the plaintiffs failed to pre qualify; in fact they refused/failed to submit a financial…

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