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K-Electric Chairman resigns after alleged conflict with board members

K-Electric Limited director and chairman of Ikram Ul-Majeed Sehgal resigned as company director since November 6, 2019. The information has been disclosed in a statement issued by the company to the Pakistan Stock Exchange.

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.”

According to sources K-Electric said that were issues amongst the board members on some major initiatives. Sehgal and the rest of board members were in a row due to his stance on the death toll due to electrocution of more than 30 people on July 29 and 30 this year.

He took a stance that K-Electric will own its responsibility of death if a third party conducts an investigation. He was told later by a KE’s internal investigation team that two people genuinely passed away due to the fault of KE.

Sehgal was named in the FIR. He appeared in the court’s hearing and issued a statement that K E will own its responsibility if a fault is proved. The statement was disliked by a majority of the directors at KE’s board and which resulted in differences among them.

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