The Supreme Court on Monday permitted the federal government to carry out privatisation of Oil and Gas Development Company Limited (OGDCL).
A three-member bench, headed by Chief Justice Nasir-ul-Mulk, in its interim order directed the federal government to transfer money from the auction to the federal consolidated fund.
The bench, however, barred the federal government from utilising the auction money until the final verdict was announced.
Attorney General Salman Butt informed the bench that the federal government has only offered 10 per cent shares of the OGDCL for the auction.
Also read: High court stays imminent sale of OGDCL shares
Earlier, the Peshawar High Court had issued a stay order, barring the federal government from going ahead with the imminent sale of 322.4 million worth of shares in the company. The federal government had then challenged the verdict in the Supreme Court.
The apex court has now issued notices to the concerned parties, subsequently adjourning the hearing until Nov 10.
