Daily Times reported that Pakistan’s Supreme Court on Friday adjourned until October 30 the hearing of a suo motu action regarding the PKR 22 billion losses incurred by the Pakistan Steel Mills.

A three member-bench, headed by Chief Justice Iftikhar Muhammad Chaudhry, accepted a plea by Pakistan Steel Mills former chairman Mr Moeen Aftab Sheikh and directed him to submit detailed comments.

The bench also directed the Ministry of Industries and Production secretary to file a reply before the next hearing.

The chief justice remarked that the mill authorities must act honestly as the mill was serving as a “mother industry”.

Defending his position, Mr Moeen Aftab said the losses were incurred as a result of the global recession and various other reasons, and not due to mismanagement. app

(Sourced from dailytimes.com.pk)