ISLAMABAD: The federal government has appointed Mansoor Ahmed as Chief Executive Officer (CEO) of Karachi Tools, Dyes and Moulds Centre (KTDMC) for another term of three years’ or until the company’s merger with PIDC, official sources told Business Recorder.
KTDMC is a subsidiary of Pakistan Industrial Development Corporation (PIDC) and is registered since 2006, with Securities & Exchange Commission of Pakistan (SECP) under Section 42 of the Companies Ordinance, 1984. It had been incorporated as a not-for-profit company, limited by guarantee and having share capital.
The key objective of KTDMC is to provide training, consultancy and modern machine shop facilities to the Pakistan Tools, Dyes and Moulds (TDM) industry. The Company also aims at enabling the local industry to produce TDM based finished products of international quality leading to foreign exchange savings.
The Board of Directors (BoD) of the company governs its policy affairs and exercises necessary oversight whereas day-to-day functions of the Company were looked after by the CEO. As per section 187 of the Company Act, 2017, the appointment of CEO of a Public Sector Company is made for a period not exceeding three years from the date of appointment. The other terms and conditions of his appointment were approved by BoD, upon concurrence / approval of the Competent Authority, in accordance with applicable laws and regulations as mentioned in Section 7 of Public Sector Company (Appointment of CEO) Guidelines, 2015.
Last week, the Federal Cabinet was informed that the post of CEO, KTDMC had fallen vacant since September 15, 2020, upon completion of three year tenure of Mansoor Ahmed, CEO. In order to fill the vacant post of the CEO, the post was advertised in the newspapers on September 12, 2020. Nineteen applications / CVs were received for the post, out of which six candidates were shortlisted for interview by the BoD. Pursuant to Schedules I & II of Public Sector Company (Appointment of CEO) Guidelines, 2015, the BoD, after interviewing the six short-listed candidates on the basis of fit and proper criteria in accordance with the guidelines specified for appointment against the position of the CEO, recommended the following panel of three candidates, in order of merit, for appointment against the post of CEO: (i) Mansoor Ahmed; (ii) Zia- ul- Mustafa Qadri; and (iii) Lt. Col. Engr. Muhammad Nadeem.
The sources said, the Federal Government decided to merge KTDMC with PIDC, on December 23, 2019. Subsequently, legal complications regarding merger of a Section 42 Company (KTDMC) into a Section 32 Company (PIDC) were highlighted by Security Exchange Commission of Pakistan (SECP) and Law & Justice Division. The matter was still under consideration with SECP and Law & Justice Division, for resolution of the issue. As per Rule 11 of Rules of Business, 1973, the Industries and Production Division had done prior consultation with the Establishment Division in the matter. In view of the foregoing, the Cabinet nominated one candidate out of proposed prioritized panel of three candidates, mentioned at Para 4/ante, for appointment as CEO, KTDMC, for a period of three years or until transition / merger of the Company with PIDC, whichever is earlier. After deliberations, the Cabinet approved the appointment of Mr. Mansoor Ahmed as CEO, KTDMC, for a period of three years or until transition / merger of the Company with PIDC, whichever is earlier.
Copyright Business Recorder, 2021
Comments
Comments are closed.