Telecom Foundation defends its record
ISLAMABAD: This is with reference to the news item published in daily ‘The News’ on June 23, 2011 regarding the functioning of Telecom Foundation (TF) subsidiary, M/S Pak Datacom Ltd (PDL). The following is clarified.
Pak Datacom Ltd (PDL), a public limited company listed on all the three stock exchanges of Pakistan has its 55% shareholding with Telecom Foundation (TF) and the remaining 45% shares are with the general public. PDL has its own independent Board of Directors (BOD), which is chaired by managing director (TF).
PDL believes in best practices of the code of corporate governance and has always distributed its profits among shareholders and remunerates its employees reasonably. The profitability of the company is because of the dedicated efforts of the employees of PDL for which they are compensated reasonably within the service rules of PDL but PDL has never in its history paid eight bonuses to its employees and the information in this regard is misleading and against the facts.
PDL believes in equal and fair job opportunities and has its independent recruitment and selection committee for appointment of staff. All the recruitments and selections are subject to recommendations and approval of the said committee and MD (PDL) or MD (TF) have no role or influence in this process. PDL has been and is still the profitable organization since its start of commercial activities in 1994, which is evident from the audited accounts of the company.
Although, the current fiscal year is not over but the company is expected to maintain its profitability. The company’s current profitability and best practices adopted for the corporate governance are evident from the declaration and payment of interim dividend for its all shareholders at the time of approval of half yearly accounts (for the current financial year) by the Board of Directors of PDL.
The amount of Rs60 million as reported has never been paid to M/S Mefa Solution nor any person named Mr. Ali Bajwa has ever been involved in the business with PDL or has any family relations with the MD (PDL). Moreover, PDL has never put any item in its board meeting to write off the said alleged amount to M/S Mefa Solution.
On the retirement of previous MD (PDL) last year, the Board of Directors of PDL unanimously appointed Mr. Ali Akhtar Bajwa (the then Chief Operating Officer) as MD/CE for the interim period till the appointment of the regular MD. The selection criteria were followed for the appointment of the new MD (PDL) through advertisement and the process was carried out in accordance with the service rules of PDL and TF. Mr. Ali Akhtar Bajwa was unanimously selected on merit keeping in view the relevant experience, knowledge and specialization in the Data Communication field (being the prime business of PDL). To further economize and run the organization on commercial basis, the post of chief operating officer (COO) earlier held by Mr. Ali Akhtar Bajwa was abolished which saved a substantial amount in the expenditure of the company.
Chairman (PDL) BOD is entitled for the company maintained vehicle as per terms of the employment and this fact is properly disclosed in the financials of PDL including the annual reports.
Ahmad Noorani adds: The News story was based on financial report available on the official webs site of TF subsidiary Pak Datacom Limited (PDL) and credible information. MD PDL was approached and his version was incorporated in the story after discussing all issues with him.
MD-PDL Ali Akhtar Bajwa had admitted the big financial losses but the same is not reflected in clarification. Needless recruitments were made in the PDL in violation of all rules and regulations simply on political recommendations and MD Telecom Foundation (TF) Gul Bahadar Yousafzai’s orders, and afterwards approval of the committee and BoD was taken which is a shameless argument to defend.
Bestowing of vehicle and fuel to MD-TF is admitted shamelessly but names of other beneficiaries have not been disclosed. TF owns many companies and it is administrated by the Federal Ministry of IT & Telecom. Does it mean that the federal secretary IT and MD-TF will be bestowed vehicles, fuel and many other benefits? Isn’t it a merciless misuse of state resources? The News stands by its story.
Source: The News