LAHORE Through an application Supreme Court has been prayed for early hearing of the petition pending against privatisation of PTCL and to seek cancellation of the agreement with Etisalat, a UAE-based company whereof majority shares of the company have to go the respondent. The application has been filed by Watan Party through its President Punjab Hashim Shaukat Khan in the pending matter. The petitioner submits that the PTCL privatization was not carried out in a transparent manner which caused a loss of Rs 87 billion to the national exchequer. The sale price for PTCL was set at $ Rs 2.3 billion but the Etisalat did not pay one billion and violated the agreement therefore it should be cancelled. It submitted that an agreement was singed on June 30, 2005 through which 26 percent shares of PTCL were to be transferred to Etisalat by September 16,2005 subject to payment of entire amount to government by Etisalat. However, the Etisalat started making demands which were extra-contractual and the privatization commission sent a notice on October 28,2005 for cancellation of contract, the petitioner alleged. It said that a new agreement was made after intervention of then president Pervez Musharraf on January 6, 2006 and national exchequer was made to suffer a loss of Rs 87 billion. He said that as a result of new agreement, a ban was imposed on the issuance of G-3 licences which was most damaging as it blocked the way of investment.