News Column

100-year-old KESC changes its name to K-Electric

January 23, 2014

Staff Reporter

Private utility company lost a hundred-year-old historical identity of Karachi Electric Supply Company as renamed K-Electric from KESC for their own interest, shareholders alleged that management of the company wants to run the affairs of the company without the interference of government authorities. While talking to The Nation General Secretary of KESC Shareholder Association Chaudhary Mazhar Ali said that the private utility company recently changes its company name as K-Electric from KESC only for their own interests. He informed that the management of the utility company has spent around Rs40 million for re-registration as K-Electric . The company paid the fees to National Electric Power Regulatory Authority (NEPRA) fee, Security, Exchange Commission of Pakistan (SECP) and its power houses for registration and other expenditures. He said that SECP had granted the permission for renaming the power utility company despite Nepra has yet to be allowed officially but the company officially announced its new name without adopting the formal permission from Nepra. He said that management of the company has made K-Syndicate with K-Power and K-Energy both companies are sister organisations of K-Electric . He pointed out that the future plan of the management is declared the status of K-Electric as multinational firm through the syndicate of K-Power and K-Energy as both the companies are operating from Dubai owned by private investors. Chaudhary Mazhar said that as result of the status of multinational company Nepra would not fully griped the company in future. He further said that it obligatory for the company to renew all the agreements with the governments and other firms otherwise all previous agreements will be defunct automatically. He said that KESC is a historical identity of the metropolitan city remains not changed in last 100 years and the stakeholders of the city remain tide-lip over the changing of identity. He demanded government to stop such identical changes and probe the agenda behind the word `K.

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Source: Nation (Pakistan)

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