Pakistan government has filed a review petition in the Supreme Court requesting it to set aside its judgment of annulling the controversial sale of the Pakistan Steel Mills to a MMK led consortium with a request to grant two more weeks to file complete paper books. Mr Zahid Hamid privatization commission minister also announced the submission of the review petition, stating that 9 grounds had been taken in the petition against the August 8th judgment of the apex court.

In the review petition, filed under Article 188 of the constitution, the court has been prayed to review, recall and set aside its detailed judgment of August 8th in which the court had held that the entire disinvestment process of the steel mills reflected indecent haste, ignoring profitability aspect and assets of the mills by the financial adviser before its evaluation.

According to Pakistan’s Supreme Court rules, the same number of judges would sit to review its earlier decision in which the presence of the author judge Chief Justice of Pakistan Justice Iftikhar Mohammad Chaudhry is mandatory. The same panel of lawyers, comprising Mr Sharifuddin Pirzada, Mr Hafeez Pirzada and Mr Waseem Sajjad will plead the government’s case.

Supreme Court the bench had declared the $362 million transaction with the Consortium of Magnitogorsk Iron & Steel Works of Russia, Tuwairqi Steel Mills of Saudi Arabia and Arif Habib Securities of Pakistan null and void and that the March 31st letter of acceptance & the April 24th sale purchase agreement with the bidders scrapped. After the judgment, the deal stood revoked and the government had returned the earnest money and the first installment to them.