Supreme Court of Pakistan has released detailed 80 page decision verdict against the privatization of Pakistan Steel Mills on Tuesday, which held that the cabinet committee for privatization had overlooked the recommendations of privatization commission, showed too much haste in privatization of mills and had violated the mandatory laws.

The apex court maintained that steel mill is a major industry and massive irregularities have been committed in its sale. The privatization process was completed on one day on March 30, 2006. The scrutiny of consortium was not conducted. The verdict says that steel mill was handed over to bidder for three years and no surety was obtained what the buyers would do with this mill after three years. One clause should have been made part of the agreement that the consortium would not sell out the mills. The SC further ruled that the privatization commission has violated the rule 4 and did not ascertain the whereabouts of the successful bidder.

The apex court further held that under article 8 of constitution the SC can nullify any law which is prejudicial to the fundamental rights.