BoD to appoint new chairman in next board meeting.
KK-Electric chairman Ikram Sehgal has tendered his resignation on Wednesday. The resignation has been accepted by the board of directors.
A statement issued by K-Electric stated, “Pursuant to the requirement of Companies Ordinance 1984 and KE Memorandum and Articles of Association, the KE Board of Directors (BoD) will appoint a new chairman at the next meeting of the board.”
Ikram Sehgal had succeeded Tayyab Tareen earlier this year after Tareen resigned from his position in January.
During his tenure as Chairman of K-Electric, Ikram Sehgal didn’t receive any salary or perks the office of the chairman of K-Electric is entitled to.
In a Senate Standing Committee last month, Ikram Sehgal had said he served the company on purely complimentary basis as service to the nation and his obligation to the country.
The reason for Ikram Sehgal’s resignation is stated to be differences that he developed with other board members, a source close to K-Electric said.
However, there are speculations that some projects including construction of a 900MW Power Plant and matters pertaining to the company’s way forward could have been cited as reasons behind Sehgal’s stepping down.
Sehgal has more than 40 years of business experience and he has served as Chairman of Pathfinder Group Pakistan.
Earlier, he served in the Pakistan Army. He was the first Pakistani PoW in history to escape from an Indian Camp. He holds a Commercial Pilot License and later started his own business in 1977.
He is also author of several books, including “Escape from Oblivion” published by Oxford University Press in 2012.
Meanwhile, Ikram-ul-Majeed Sehgal also resigned as Chairman K-Electric with immediate effect. He joined as chairman on the power company in January this year.
The letter from K-Electric to the Pakistan Stock Exchange stated that Sehgal resigned with personal reasons. However, the KE board of directors has approved his resignation.