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Government of Pakistan |
S.R.O ____ (I)/2001.- In exercise of powers
conferred by section 24 of the Privatisation Commission Ordinance, 2000 (LII
of 2000), read with section 40 thereof the Privatisation Commission, with the
approval of the Federal Government, makes the following rules, namely:-
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THE PRIVATISATION
COMMISSION |
1. Short title and commencement.- (1) These rules may be called the
Privatisation Commission (Valuation of Property) Rules, 2001.
(2) They shall come into force at once.
2. Definitions.- (1) In these rules, unless there is any thing repugnant in
the subject or context, -
(a) "adviser" means the Adviser as defined in the Privatisation (Modes and
Procedure) Rules, 2001;
(b) "Ordinance" means the Privatisation Commission Ordinance 2000 (LII of
2000);
(c) "valuer" means a firm of Chartered Accountants, Chartered Surveyor,
Surveyors, Engineers, other experts in the field in which the entity to be
privatised falls, hired by Privatisation Commission and includes a firm of
experts hired by the valuer.
(2) All other terms and expressions used, but not defined in these rules,
shall have the same meaning as assigned to them in the Ordinance.
3. Application of Privatisation (Modes and Procedures) Rules.- If, and to the
extent, the Commission deems necessary to allow a fair and independent
valuation of the property being privatised in terms of sub clause (ii) of
clause (a) of sub-rule (1) of rule 3 of the Privatisation (Modes and
Procedures) Rules, 2001, the procedure provided in rule 4 or rule 5 of these
rules shall apply.
4. Manner and procedure for valuation of property by the valuer hired by the
Commission. -
(1) The valuer appointed in terms of Privatisation Commission
(Hiring of Valuers) Regulations, 2001, shall associate a legal firm, a firm of
chartered accountants, chartered surveyors, surveyor and other experts as may
be applicable and include their reports with the valuation report.
(2) The valuer shall submit a valuation report containing an executive
summary, terms of reference provided by the Commission, summary of valuation,
the different bases used for carrying out valuation alongwith a recommendation
on the recommended basis of valuation and a value of the entity for the
purpose of determining a reference price.
5. Manner and procedure for valuation of property by the adviser hired by the
Commission. - The adviser hired by the Privatisation Commission as per
procedure shall carry out the valuation in terms of Financial Advisory
Services Agreement.
6. Processing of valuation report.-
(1) Upon receipt of the valuation report
from the valuer or the adviser, a valuation note shall be prepared in the
Commission and submitted to the Board of the Commission for recommending a
reference price.
(2) The reference price recommended by the Board of the Commission shall be
submitted to the Cabinet for approval.
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[F.No. 16(15)/P&C/PC/2001]
Munir Ahmed
Director