ISLAMABAD: The government’s bid to oust K-Electric CEO Moonis Alvi has failed for the second time in 10 days, after another board meeting convened to remove him collapsed due to a walkout by a majority of directors.
The meeting, held on Thursday at K-Electric’s head office in Karachi, was called with the same agenda as earlier this month — the removal of the CEO. Unlike the Nov 5 session, the latest meeting met all legal requirements, with nine out of ten directors present, though the federal finance secretary was absent. Proceedings were formally recorded.
However, the meeting lasted barely six minutes. As the agenda involved the move against him, CEO Moonis Alvi did not attend. Soon after the meeting opened, five directors — Adeeb Ahmad, Mubasher H. Sheikh, Muhammad Kamran Kamal, Saad Amanullah Khan and Shan A. Ashary — excused themselves and walked out.
Their departure left only the two government-appointed directors — the Secretary of Power and Javed Kureishi, who had called the meeting — along with Board Chairman Mark Gerard Skelton still present. With the quorum broken, the motion became unworkable, effectively blocking the leadership change once again.
Following the meeting, K-Electric submitted a report to the Pakistan Stock Exchange titled “Board Meeting Other Than Financial Results.” It stated that the board met on Nov 13, 2025, to consider matters unrelated to the company’s financial results, and requested the PSX to inform TRE Certificate Holders accordingly.
Story by Kalbe Ali
