Pakistan#Stock#Exchange

SUI NORTHERN GAS PIPELINES LIMITED 

 CA/PSX/2217 Thru: PUCARS / Courier August 24, 2023

 The General Manager,

 Pakistan Stock Exchange Limited (PSX), Stock Exchange Building, Stock Exchange Road,

 KARACHI.

 The Executive Director/HOD, Offsite-II Department, Supervision Division Securities and Exchange Commission of Pakistan 63, NIC Building, Jinnah Avenue, Blue Area, ISLAMABAD.

 NEWS PUBLISHED IN NEWSPAPER REGARDING REPLACEMENT OF FIVE INDEPENDENT DIRECTORS OF THE COMPANY WITHOUT HOLDING ELECTIONS

 Dear Sir, This is with reference to yesterday’s news published in Newspaper on the captioned subject. In this regard, we submit that incorrect and out of context selective information has been provided in the aforesaid news. SNGPL viewpoint on the same is as follows: The BOD had already completed its term on July 5, 2023. This fact was admitted by the former Chairperson before the Lahore High Court during the hearing of her Petition. The present appointment of the Chairman and independent directors of SNGPL has been done by the Cabinet i.e. the Federal Government. It is noteworthy that the Federal Cabinet’s decision to appoint the Chairman and independent directors has not been challenged by the former Chairperson in her Petition before the Lahore High Court. None of the other Independent Directors has challenged that decision either. It is pertinent that under sections 15(2) and 10(2)(a) of the SOE Act 2023, the Federal Government is fully empowered to appoint the Chairman and Independent Directors respectively. Under law, the appointing authority also has the power of removal. Hence, the appointment of the Chairman and the independent directors has been made strictly in accordance with law. SECP communication of 22.08.2023 is also being duly responded separately. Thanks and regards. Yours sincerely, 

 SUI NORTHERN GAS PIPELINES LIMITED

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