Chairperson of SNGPL’s BoD allegations: Director rebuts contents of letter

ISLAMABAD: In a rebuttal to the contents of the story published on July 29 based on the letter of SNGPL’s board of director’s chairperson to Energy Minister Hammad Azhar with headline ‘Fight of SNGPL board with its director reached Energy Ministry’, Director Ahmad Aqeel has said causing loss to the national exchequer is a bold statement and a concocted allegation by Ms Roohi Khan, Chairperson of SNGPL’s board of directors, and certain directors against whom he has filed complaints in the SECP and OGRA.

He claimed it was absolutely incorrect that he had remained a director for 10 years mentioned in the SNGPL BoD’s chairperson’s letter written to the energy minister on the strength of a proxy of a business group. He said his election record for the last 10 years is available with SNGPL company secretary office as well as Securities & Exchange Commission of Pakistan, which will show that he has been voted for by various institutions, including the federal government, over a period of the last 10 years.

There is no law which bars any eligible person to contest any number of elections of board of directors of any listed company. There are various examples in the corporate sector where directors have been serving on the boards of listed companies for more than 10 years which may be verified from the SECP and State Bank of Pakistan (SBP).

In his statement, Aqeel Ahmad said that as a result of the glaring omissions and non-compliances that he has initially voiced at the board level and subsequently reported to the SECP and OGRA, Ms Roohi Khan and her supporters on the SNGPL Board have tried to malign his reputation in every way with broad, concocted and malicious allegations. They have repeatedly mentioned one business group with a high profile, which in his opinion, is an attempt to blackmail and defame them. He said he has been duly elected on the SNGPL Board as per legal procedure and carries out his fiduciary duty strictly in accordance with applicable law. And there is no evidence for the aspersions cast on his person whereas he has provided evidence and basis for the non-compliances and flagrant violations reported to the SECP and OGRA.

Ahmad Aqeel stated that it was totally incorrect that he ever threatened the board, arguing a single director is in no position to disrupt the proceedings or threaten the whole board. As a matter of fact, he has been subjected to hostile attitude since the inception of the current board elected in July 2020. This hostility arose as he repeatedly pointed out compliance issues and requested to have them rectified. These range from fudged board minutes, faulty appointment of the chairperson to independence issue of two directors on the SNGPL Board amongst other issues. He said that in the current constitution on the Board Sub Committees, they have unlawfully excluded him from all the committees. “Is that fair that the senior most and the only minority/private shareholder director has no representation in any of the board committees?” he asked, saying this clearly shows that he has no influence or in no position to pressurize the Board.

“In order to appreciate the matter appropriately, it needs to be understood that why is one single director being singled out for a malicious related party transaction investigation? No cause of action, justification or basis has been provided.” He said this investigation is yet another manifestation of the hostile conduct directed towards him. “Such investigation should be across the board. Notwithstanding the maliciousness and the fact that this investigation is a witch hunt against him, it is important to appreciate that I have welcomed such investigation in my communication to SECP provided it is purpose oriented, transparent and carried out by an independent person of exceptional repute.”