Karachi, Tariq Glass Industries Limited has issued an official notification to its esteemed shareholders, informing them of a significant development. Pursuant to Section 159 (4) of the Companies Act, 2017, a total of seven members have submitted notices, expressing their intent to stand for election as directors of the company.
This pivotal election is slated to transpire during the forthcoming Extraordinary General Meeting (EGM) of the company, scheduled for September 01, 2023, at Lahore. In compliance with the Act, these seven members have demonstrated their eagerness to contribute to the directorial landscape of Tariq Glass Industries.
The selection process for independent directors has adhered to a meticulous criterion, encompassing their proven experience, diverse skill sets, competencies, and extensive knowledge. This selection procedure aligns closely with the stipulations outlined in Section 166 of the Companies Act, 2017, coupled with the corresponding regulations.
Remarkably, the number of nominees seeking election corresponds precisely to the number of directors stipulated by the Board under Section 159 (1) of the Companies Act, 2017. Consequently, all seven nominees will be automatically acclaimed as directors of Tariq Glass Industries, bypassing the conventional voting process.
Per the provisions enshrined in Section 159 (5) of the Companies Act, 2017, these seven newly appointed directors are slated to embark on their directorial roles for the upcoming three-year term, effectively commencing from September 3, 2023. This strategic development underscores the company’s commitment to instilling capable leadership and expertise in steering Tariq Glass Industries towards a dynamic and prosperous future.