K-Electric take-over: Legal battle may be fought in UK

KARACHI: The legal battle regarding the takeover of K-Electric may be fought in United Kingdom (UK), ARY News reported.

As per details, the Al-Jomiah and the Kuwaiti group have taken a tough stance against the Asia Pak.

Chief investment officer of Al-Jomiah Shaan Abbas Ash’ari said that Shehryar Chishti cannot take over the management control of K-Electric and the transfer of agreement with Abraaj without the permission of new stakeholder is wrong.

He said that project proposal was submitted to NEPRA to decrease the prices of electricity in next seven years. Shaan Abbas further said that in the last months, a new director has not been appointed to the K-Electric board.

If Shehryar Chishti has bought the majority of shares then he will have to prove it, he added.

Earlier, the National Electric Power Regulatory Authority (Nepra) notified a massive increase in the base tariffs of electricity by up to Rs7.50 per unit at the request of the federal government.

The lifeline consumers are exempted from the power tariff hike. The protected consumers using 200 units in a month are affected by the base tariff hike.

The power tariff increased to Rs16.48 per unit after the hike of Rs3 for consumers using up to 100 units in a month.