LAHORE: The Local Government and Community Development Department secretary has received a summary from the Faisalabad district government seeking the approval of the chief minister to establish a Faisalabad parking company (FPC) on the pattern of the Lahore Parking Company (LPC), Dawn learnt on Tuesday.

According to sources in the local government, the summary by Faisalabad District Coordination Officer (DCO) Noorul Amin Mengal will be forwarded to the chief minister.

“… the City District Government of Faisalabad (CDGF) intends to establish/ incorporate a Public Company Limited by shares under the provisions of Companies Ordinance of 1984, as a corporate sector subsidiary of the CDGF titled ‘Messer Faisalabad Parking Company Limited (FPCL)’”, reads the summary sent to the Local Government and Community Development secretary to be forwarded to the chief minister.

The summary says the FPC would be a profit-oriented public limited company also incorporated with the Securities and Exchange Commission of Pakistan.

The company will work for the development of parking facilities in the territorial limits of Faisalabad city.

“The FPC also intends to establish, manage, maintain, administer and promote modern parking concepts in Faisalabad like Lahore to ensure full utilisation of available areas for parking and related facilities keeping in view the public/customer satisfaction and traffic management,” the summary goes on.

It says that the company will help the CDGF develop modern parking management and vehicle safety systems. The FPC will have the powers to enter into negotiations, contracts, agreements, joint ventures and understandings with other individuals, groups, companies, associations, societies, corporations, government organizations and agencies.

The proposed company will have a board of directors (BoD) to be constituted by the Government of Punjab. It will have its chairman, elected by directors, to run the affairs of company’s board. The BoD will consist of any MPA, the DCO, the executive district officer, representatives of traffic police, police and local government and community development department, a town planner and individuals from the private sector. “The BoD will appoint a chief executive officer (CEO) to run the matters of the company, who will exercise executive powers under the supervision of BoD and the authorities defined within the scope of Companies Ordinance of 1984. The CEO will determine and decide the staffing requirement and administrative hierarchy in terms of professional manner and get it approved by the BoD,” the summary maintains.

The company will utilise, monitor or depute the existing staff (if any) through a management and administration agreement.

“The existing machinery, equipment, land, offices and assets will be transferred to the company under an agreement between the CDGF and the FPC,” it explains. —KHALID HASNAIN