Anusha chairs TIP BoD meeting: policy on Fixed Assets Capitalization approved

Minister of State for IT & Telecom, Anusha Rahman chaired Board of Directors meeting of TIP (Telephone Industries of Pakistan). A Board of Directors meeting of Telephone Industries of Pakistan (TIP) was convened here in Islamabad on Thursday. The meeting was chaired by the Minister of State for IT Anusha Rahman. Federal Secretary IT Rizwan Bashir Khan, MD TIP Syed khalid Gardezi , Member Legal Ameena Sohail, co-opted Member HR, Tahir Mushtaq and other Board Members were present in the meeting,
The Board while appreciating the role and efforts of the MD TIP directed the MD TIP to take all necessary measures to resolve all outstanding financial and land/properties issues with management of PTCL and NRTC on urgent basis, said a press release. The TIP management presented before the Board the Financial statements of 2016 from the auditors. The Board approved the financial report 2016 with certain directions to Audit Committee for compliance.
The Board approved the adoption of i) govt. increases in pay & allowances for the years 2015 and 2016 for serving employees and ii) the govt. increase in pension for the 2016. The Board also approved a policy on Fixed Assets Capitalization and also approved on ex post facto basis the re-investments of Defence Saving Certificates on maturity. It was categorically stated that the Board won't tolerate any kind of malpractices in TIP and TIP resources should only be used for its mandated purposes.
The board also appreciated the selfless and invaluable services rendered by the acting MD Syed Khalid Gardezi in streamlining TIP affairs resulting in updating of matters related to Corporate Governance rules/SECP and huge financial savings for the company.-PR