1. ' A preliminary objection as to the maintainability of this petition was raised by Mr. Sakhiullah Chandio on the ground that respondent No.1 Company has been privatized and, therefore, a petition under Article 199 of the Constitution against the aforesaid respondent is not maintainable.
2. Upon information sought learned counsel stated that 62% shares in the company continued to remain with the Federal Government (respondent No.8) but 26% were transferred to the proposed buyer' of controlling shares i.e. Respondent No.3. However, the managerial control was effectually transferred to the proposed buyer to the extent or 58.43% shares. We are prima facie inclined to take the view that the proposed buyer under the present state of affairs is only exercising A managerial control on behalf of the owner which is the Federal Government and, therefore, the petition under Article 199 is maintainable.
3. ' The questions raised in the petition require consideration and we would accordingly admit it and fix it for regular hearing on 16-2-2007 at 11.00 a.m. However, the questions of its maintainability may not be treated fore-closed and also be raised at the final hearing.