KARACHI: Chairman K-Electric Limited (KE) Board of Directors (BoD) Ikram Sehgal tendered his resignation on Wednesday, which was accepted by the board. Ikram Sehgal had succeeded Tayyab Tareen, who had resigned from his position in January this year.
“Ikram Sehgal has resigned as Director and Chairman from the K-Electric Board, with effect from Nov 6, 2019, due to personal reasons. 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 of the Board, at the next meeting of the BoD,” a KE statement said.
It was known that Ikram Sehgal, a nominee of Abraaj Group, had developed differences with the company management and other board members on several investment decisions.
Sehgal wanted the company not to make anymore investments, particularly in the 900MW RLNG power plant to be setup with a cost of $650 million, and wait for the company’s acquisition by Shanghai Electric. Sehgal did not want the company to build more liabilities.