The Supreme Court on Thursday reserved its verdict on corruption and mismanagement issues of Pakistan Steel Mills (PSM) after observing that a report of the Ministry of Industries and Production had established massive corruption in the entity.

The three-member bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Khilji Arif Hussain and Justice Tariq Parvez reserved its verdict on a suo motu notice taken on alleged corruption in PSM.

During proceedings, Secretary Industries and Production Gul Muhammad Rind appeared on the court's directive and stated that there was no delay on their part to proceed in the case.

He apprised that they had sent the forensic audit report to the Federal Investigation Agency for seeking its opinion and were considering to send the case to National Accountability Bureau.

The Chief Justice told him that from their report 'the massive' corruption had already been established, and they should have sent it to NAB to proceed against all responsible.

Justice Khilji Arif Hussain advised the secretary to let the NAB conduct independent investigation and proceed in accordance with law. Barrister Zafrullah Khan, a petitioner, appeared and alleged that PSM and FIA were hand in glove.

He claimed that so far chief executive of PSM had not been appointed. The Chief Justice told him that it was not their job to run PSM, and hinted that the NAB would be asked to probe.

The counsel for Pakistan Steel Mills on Monday had submitted a report with the bench saying that PSM suffered a loss of Rs26.5 billion during the year 2008-09.

The report said that a total of Rs26.5 billion loss was detected during the period 2008-09, out of which Rs4.68 billion was incurred in category of business loss, Rs9.99 billion due to corrupt practices while Rs11.48 billion due to mismanagement.