ISLAMABAD: Sui Southern Gas Company Limited (SSGC) Board has decided that incumbent managing director (MD)/Chief Executive Officer (CEO), SSGC, Imran Maniar will continue to serve as MD/CEO of the SSGC until his reappointment or the appointment of his successor
Before the expiry of job contract of Imran Maniar, the Company Secretary of SSGC, in a letter dated February 01, 2024 to the General Manager, Pakistan Stock Exchange Limited, informed that “the SSGC Board of Directors has decided that Mr. Imran Maniar will continue to serve as MD/CEO – SSGC in terms of Section 187/3 of the Companies Act, 2017, until his reappointment or the appointment of his successor by the Company Board”.
You are requested to disseminate the information to the Member of the Exchange accordingly,” reads SSGC letter.
The current MD/CEO SSGC, Imran Maniar, joined the gas company on February 4, 2021, on a three-year contract, which was set to automatically expire on February 3, 2024. However, the SSGC Board has now allowed Imran Maniar to continue serve as MD SSGC.
Earlier, Petroleum Division, in a letter dated 28th December 2023 to Company Secretary of SSGC, advised SSGC Board to ensure continuity of the present management including continuity of the present incumbent MD.
“The Board may initiate the necessary hiring processes, however any new appointment/changes at senior management positions may only be formally decided by the new incoming Board,” said Petroleum Division’s letter.
Despite the advice/directions of petroleum division to the SSGC Board with regard to the extension of the MD SSGC, the SSGC Board sought legal opinion about the terms of the contract of MD. Upon this, Petroleum Division, in another letter titled “Elections of Board of Directors of SSGC” dated 25th January, 2024 to the Company Secretary SSGC, informed that the petroleum division’s advice/direction dated 28th December, 2023 was about the extension of the incumbent MD in terms of Section 187 of the Companies Act, 2017 on the basis of legal grounds/opinion.
It is pertinent to mention that Profit had earlier carried a story to elaborate the intervention of petroleum division to prevent the ousting of the Managing Director (MD) of Sui Southern Gas Company Limited (SSGCL).
