Lahore: Sitara Energy Limited has issued a statement clarifying recent allegations involving its Chief Executive Officer following the registration of a First Information Report (FIR) by the Federal Investigation Agency (FIA). The FIR, which has drawn significant attention in various media outlets, pertains to regulatory issues linked to a Power Purchase Agreement (PPA) with Faisalabad Electric Supply Company (FESCO) that was discontinued in March 2015.

According to Sitara Energy Limited, the allegations from the FIR focus on business activities that occurred between 2006 and 2015. These allegations have been the subject of ongoing proceedings before the National Electric Power Regulatory Authority (NEPRA) and other legal forums. The company emphasized its adherence to applicable laws and regulations and assured that it has been fully cooperating with the authorities by providing all necessary information and assistance required during the investigative process.

The company stated that the FIR's allegations are still under investigation and adjudication by the relevant authorities. Sitara Energy Limited has categorically denied the allegations and maintains its rights and remedies under the applicable laws. Meanwhile, the company's operations remain unaffected, and it continues to fulfill its obligations.

The company's statement comes in the wake of a formal announcement on July 23, 2026, in compliance with Section 96 and Section 131 of the Securities Act, 2015, as well as Rule 5.6 of the Pakistan Stock Exchange Limited's Rule Book. The statement seeks to provide clarity amidst circulating reports and underscores the company's intent to pursue the matter through appropriate legal and regulatory channels.

According to information available from the Pakistan Stock Exchange (PSX), Sitara Energy Limited's operations continue as usual, unaffected by the ongoing proceedings. The company remains committed to resolving the matter through the competent legal avenues.