KARACHI: Sitara Energy Limited has issued a clarification regarding recent media reports about the registration of a First Information Report (FIR) by the Federal Investigation Agency (FIA), stating that the matter relates to historical regulatory issues and does not affect the company’s ongoing business operations.
In a notice submitted to the Pakistan Stock Exchange (PSX), the company said the clarification was being issued in compliance with the Securities Act, 2015, and PSX regulations following reports circulating in print, electronic, and social media. The reports concerned an FIA FIR in which the company’s Chief Executive Officer has also been named.
Sitara Energy explained that the allegations primarily stem from regulatory matters linked to a Power Purchase Agreement (PPA) with Faisalabad Electric Supply Company (FESCO). According to the company, the agreement was discontinued in March 2015, and the related matters have been and will continue to be addressed before the National Electric Power Regulatory Authority (NEPRA) and other competent legal forums.
The company emphasized that it has consistently complied with applicable laws and regulatory requirements. It added that it has extended full cooperation to the relevant authorities by providing all necessary documents, information, and assistance throughout the proceedings.
Sitara Energy further noted that the FIR concerns business activities conducted between 2006 and 2015. The company stressed that the allegations remain subject to investigation and adjudication by the competent authorities. It categorically denied the allegations contained in the FIR and stated that it reserves all rights and legal remedies available under applicable laws.
Reassuring investors and stakeholders, the company confirmed that its operations continue as normal and that its business obligations remain unaffected despite the ongoing legal proceedings.
