Secretary, NWFP Finance Department Zia-ul-Rehman and Wapda Chairman Tariq Hamid signed the agreement. Secretary, Water and Power Ministry Ishfaque Mahmood signed on behalf of the Federal Government.
The Prime Minister on this occasion said that his government believes in co-ordination and better harmony with the provinces. He appreciated the NWFP government, Wapda and Water and Power Ministry for agreeing to setting up the tribunal to solve the longstanding issue.
NWFP Chief Minister Akram Durrani, who was also present on the occasion, said he was very grateful to the Prime Minister for taking a concrete step to resolve the outstanding issue. He said this would provide hope to the people of NWFP and lead to a better relationship between the federal and provincial governments.
The tribunal will be headed by Justice Ajmal Mian, former Chief Justice of Pakistan. The members include Senator Khurshid Ahmed, NWFP Public Service Commission Chairman Abdullah, ex-member (Power) Wapda Javaid Akhtar, and ex-member (Finance) Wapda Manzoor A Sheikh.
The Tribunal will decide the dispute arising from the claim of the Government of NWFP against Wapda for computation of net hydel profit in accordance with the decisions of the Council of Common Interests (CCI) dated January 12, 1991, September 12, 1993, May 29, 1997, and December 22, 1998, and determine the amounts due and payable to the NWFP government from FY 1991-92 to FY 2004-05. In case of any payments made by Wapda including amounts, by whatever means, provided by the Federal Government on behalf of Wapda to the Government of NWFP on account of ''Net Hydel Profit'' over and above the amounts so determined by the Tribunal, the overpayment shall be refundable by the Government of NWFP to Wapda or to the Federal Government, as the case may be.
The Tribunal shall lay down a schedule of payment of the amounts. Without prejudice to the right of Government of NWFP to take up its claims on computation of Net Hydel profits for the period from FY 1973-74 to FY 1990-91 separately with the Federal Government, as to Government of NWFP''s claims on entitlement in the light of the Council of Common Interests decisions of January 12, 1991, the tribunal shall determine the payments/overpayments due from the parties, as the case may be, of net hydel profit, from Financial Years 1991-92 to 2004-05.
The Tribunal shall not go beyond the terms of reference while making the Award. The Tribunal shall decide the dispute in accordance with the rights of the parties under the law.
The Arbitral Award made in accordance with the aforesaid Council of Common Interests decisions shall be final and binding on the parties.-PR