Chief justice of Pakistan Mr Iftikhar Muhammad Chaudhry has said the Supreme Court has no objection over the powers of the government but it has only to see if the powers have been exercised properly or otherwise.

Mr Abdul Hafeez Pirzada Counsel for the winning consortium said that the privatization process has been carried out by the government within the powers which have been conferred by the constitution. Referring to the article 173 of the constitution, he said "Province wield administrative powers in connection with the privatization.” Mr Pirzada said that the decision on the PSM privatization had been finalized and only parliament could change it. He also said that the Council of Common Interest had not been bypassed while taking a decision on the PSM privatization, adding that the CCI had endorsed the federal government’s privatization plan.

Mr Mujib Pirzada counsel for the Pakistan Steel People’s Worker’s Union told the court that former privatization minister Dr Hafeez Sheikh was sidelined for his opposition to the sale of the Pakistan Steel Mills and the privatization was approved in a single day by another cabinet member Mr Owais Leghari, who was given additional portfolio of privatization for a few days only. Mr Zahid Hameed was appointed new privatization minister soon after finalization of the deal. He concluded that these events showed mala fide intentions of the government. However, the bench disagreed with Mr Pirzada and observed that since Dr Sheikh had completed his tenure as a senator, therefore, he was not there at the time of privatization

Mr Mujib Pirzada also pointed out that the buyers and bidders of the PSM were different as a three member consortium had purchased the mill for Rs21.68 billion but in the final agreement, a fourth company, the Capital PSMC SPV (Mauritius) was mentioned as a lead buyer and that the PSMC SPV is an off shore joint venture company of the ATG Holdings and the MMK Holdings, both of which were not part of the pre bidding.