However, the notification of Saadat S Cheema, as caretaker CEO, PSM, issued by Ministry of Industries and Production has been widely considered as illegal and in violation of Memorandum of Article of Association vide clause 87, 88 and 89. PSM CEO”s post was vacant since June 25, 2010 after the transfer of Malik Israr Hussain (Grade 21 officer). June 2010 to January 2011, Imtiaz A K Lodhi CFO, PSM was the Acting CEO, who was sacked by government on ground of fake degree. Wasif Mehmood PEO, Production was Acting CEO from January 2011 to April 2012.
Major General Muhammad Javed (ex-Chairman from September 2006 to May 2008) was reappointed CEO, PSM in April 2012 by Ministry of Production violating the Memorandum of Article of Association. BOD is the competent authority to hire/fire any CEO, PSM. MOIP is the controlling Ministry for PSM. Talking to Business Recorder, Saadat Cheema said he was taking the charge of CEO from Saturday (today).
However, the incumbent board headed by Fazal Ullah Qureshi is allegedly held responsible for a Rs 50 billion loss in just two years. Pakistan Steel Mills is controlled by the Ministry of Industries and Production, which is responsible to appoint the Management, has been found to be completely oblivious of the technical and professional competence and requirements for appointing Chairman and top executives. At present, and also in the past, a lack of technical acumen, professional, corporate and commercial knowledge and expertise on the part of appointees of the post has resulted in tragedies of its own kind.
However, Secretary Industries and Production, Shafqat Naghmi told Business Recorder that Saadat Cheema was given the additional charge only for a few days because the offices of EPZA was very close to PSM”s. In reply to a question, he said that Ministry would send the case to Prime Minister for appointment of new CEO. He was of the view that CEO PSM resigned suddenly because he was annoyed over advertisement in newspapers for appointment of a new CEO.