Wednesday, 8 May 2013

Nationalization


In 1974 the Federal Government decided to take over the management and control of entire shipping in Pakistan, including NSC through promulgation of the Pakistan Maritime Shipping (Regulation & Control) Ordinance, 1974 which later on became an Act. Under this Act, ten shipping companies were taken over by the Government and two Boards of Management were setup to manage the affairs of NSC and nine taken over private shipping companies respectively (which were merged together and named as Pakistan Shipping Corporation (PSC).

Mr. Rustom F. Cowasjee, a former shipping tycoon, was nominated Chairman of the Pakistan Shipping Corporation, and Mr. Mohsin Ali Shaherwala, a former Director of the Pakistan Shipping Lines, was made the PSC Managing Director.

Mr. G. Ahmad, a retired civil servant was named the NSC Chairman and Mr. A. D. Ahmad, Managing Director of the Pan Islamic Steamship Company was appointed the new NSC Managing Director.

This arrangement also did not prove satisfactory, as the two Corporations tendered to undercut each other rather to compete with other International operators.

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