Pakistan’s Supreme Court has asked the Privatization Commission to explain its process of selecting a unit for privatization and questioned the urgency for selling a viable and profit earning unit.

During the hearing the chief justice also urged upon the evaluators, namely City Group, AF Ferguson & Company and Corus Consultants of UK, who evaluated the Pakistan Steel Mills worth before its privatization, to assist the court on the issue of determining the worth of Steel Mills.

The bench also directed the Privatization Commission and Mr Khalid Anwar, the legal counsel of the successful bidders, to respond to the allegations leveled by Mr Iftikhar Shafi, chairman of the Diamond Group of Industries against Arif Habib. Mr Iftikhar Shafi filed an application exposing Rs18.2 billion civil suits pending before the Sindh High Court (and an FIR in Lahore against Arif Habib Securities.

The defense counsel of Privatization Commission, Mr Syed Sharifuddin Pirzada who is also advisor to prime minister, submitted before the bench that the privatization of the Steel Mills was absolutely transparent and not tilted in favor of any one. He argued that the petitioners have failed to establish infringement of any fundamental rights and had not exhausted alternate remedy available to them.