ISLAMABAD: A fresh attempt by the government-appointed director on the K-Electric board to remove CEO Moonis Alvi failed on Thursday after a majority of directors walked out of a specially convened meeting, bringing the session to an abrupt end for the second time in 10 days.
According to a report by Dawn, the meeting, held at the company’s head office in Karachi, was called with the same agenda as earlier this month — the proposal to remove the CEO. The session began with a proper quorum, unlike the Nov 5 meeting, with nine of the ten directors present. The federal finance secretary, however, was unable to attend. Proceedings were recorded in accordance with corporate procedure, and Mr Alvi did not participate given the agenda’s focus.
But within minutes of commencement, the effort collapsed. Five directors, Adeeb Ahmad, Mubasher H. Sheikh, Muhammad Kamran Kamal, Saad Amanullah Khan and Shan A. Ashary, excused themselves and left the venue. Their exit left only two government nominees, the Power Secretary and Director Javed Kureishi, who had requisitioned the meeting, in the room. Board Chairman Mark Gerard Skelton also remained on the premises but the walkout rendered the proceedings unworkable.
The meeting ended after just six minutes, effectively blocking the motion to dismiss the CEO for a second time.
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