Supreme Court Voids Islamabad High Court Verdict Regarding Release Of Funds To Benazir Stock Option Employees Scheme

The Supreme Court (SC) on Thursday quashed the decision of the Islamabad High Court (IHC) regarding the release of funds to employees of state-owned companies under the Benazir Stock Option Employees Scheme from 2013 to 2019

ISLAMABAD, (UrduPoint / Pakistan Point News - 22nd Oct, 2020 ) :The Supreme Court (SC) on Thursday quashed the decision of the Islamabad High Court (IHC) regarding the release of funds to employees of state-owned companies under the Benazir Stock Option Employees Scheme from 2013 to 2019.

A three-member bench of the apex court headed by Chief Justice Gulzar Ahmed and comprising Justice Faisal Arab and Justice Ijaz Ul Ahsan heard the case regarding Benazir Employees Stock Option Scheme.

During the course of proceedings, the apex court accepted the appeals filed by the Privatization Commission against the decision of the IHC and dismissed the appeals filed by the employees against the decision of the Sindh High Court.

Additional Attorney General Sohail Mahmood said that in 2009 the then government decided to give 12% shares of state-owned companies to employees. When the government changed in 2013, the payment of profits to the employees of state-owned companies was stopped while the present government issued an order to end the scheme, he added.

He said that the Islamabad High Court had ordered to pay employees of state-owned companies from 2013 to 2019.

Justice Ijaz-ul-Ahsan remarked that the Sindh High Court had declared the entire scheme against the law.

Chief Justice Gulzar Ahmed remarked that the financial situation of the government was bad because the rulers distributed government money as personal.

He asked what rights did the government companies have over employees' trust shares? On which the employees' lawyer argued that the trust was still in place and had not ended yet. The Privatization Commission had no right to the money of this trust, he added.

Justice Ijaz Ul Ahsan asked whether privatization commission was not part of the government.

The Chief Justice remarked that facilities could not be given only to the employees of certain institutions.

The court after hearing arguments voids IHC order.

It is to be noted that the Islamabad High Court had ordered to release funds to the employees of government companies from 2013 to 2019 under the Benazir Stock Employees Scheme, while the Sindh High Court had declared the Benazir Stock Employees Scheme as illegal.

The privatization commission had filed appeals against the decision of the Islamabad High Court while the employees of various state-owned companies had filed appeals in the Supreme Court against the decision of the Sindh High Court.