Islamabad : The Islamabad High Court (IHC) has reserved its verdict in a case regarding the determination of fertilizer prices following the conclusion of the lawyers’ arguments.
Justice Saman Rifat Imtiaz took up a petition filed by the fertilizer companies. Lawyers for fertilizer companies and the Competition Commission of Pakistan (CCP) appeared before the court.
At the outset of the hearing, counsels for fertilizer companies submitted that the companies’ costing information is confidential, therefore it cannot be provided to the Competition Commission of Pakistan.
The legal representative of CCP contended that under the regulations set forth by the Securities and Exchange Commission of Pakistan (SECP), it is mandatory for all companies to submit cost audits to the SECP. He also mentioned that companies indeed furnish this information to the SECP.
Counsel for CCP questioned how it is feasible for companies to present cost audit information to one regulatory authority yet withhold the same details from another. Following the conclusion of the arguments, the court reserved the decision on the case.
It is worth mentioning here that in the case against Dalda Foods, the Supreme Court, while recognizing the jurisdiction of the Competition Commission, had clarified that the commission has full authority to monitor markets, obtain information and conduct investigations.
It should be noted that the CCP launched an investigation into fertilizer companies concerning the rising prices of fertilizers and requested information from these companies. Rather than responding to the commission, the fertilizer companies opted to approach the Islamabad High Court, where they secured a stay order. However, the Islamabad High Court has scheduled the case for a hearing today.
