Pakistan’s Supreme Court issued an interim order on Tuesday halting the sale of Pakistan Steel Mills to MMK, Al Tuwairqi and Arif Securities consortium until June 15.It also directed the PSMC chairman to continue normal production while it hears a petition challenging the privatization on the grounds that it is unconstitutional and the price paid by the consortium is too low. The court adjourned the hearing till June 15.

The court passed the interim orders on a constitutional petition filed by Watan Party President Mr Hashim Shaukat Khan under Article 184(3) of the Constitution. The PSM employees union has also filed a petition to become a party in this case. The court was about to issue a formal stay order but the respondents the Privatization Commission, PSMC and the consortium agreed not to transfer possession till June 15. It may be recalled that all the matters of the mills were to be handed over the bidder on May, 29.

A consortium of MMK Arif Habib Securities Limited and Al Tuwairqi group bought a 75% stake in the PSMC at a cost of Rs 21.68 billion in an auction.