Karachi: Leather Up Limited has officially announced the convening of an Extraordinary General Meeting (EGM) scheduled for Saturday, March 8, 2025, at 11:00 a.m. The meeting will take place at the company's registered office located at 23/C Ground Floor, 15th Commercial Street, DHA Phase II Ext., Karachi. The primary agenda of the meeting is to elect seven new directors as per the provisions of Section 159 of the Companies Act, 2017, for a term of three years.
The company's share transfer books will remain closed from March 1, 2025, to March 8, 2025, inclusive. Transfers received by the close of business on February 28, 2025, at the office of the Share Registrar, CeeK Associates (Pvt.) Ltd, Karachi, will be eligible for voting and attendance at the EGM. Shareholders are encouraged to bring their original CNIC or Passport to verify their identity. Corporate representatives must present a Board Resolution and/or Power of Attorney along with a specimen signature of the nominee.
According to information available from the Pakistan Stock Exchange (PSX), the election of directors will be conducted for three distinct categories: one Female Director, who may also serve as an Independent Director if eligible, two Independent Directors, one Executive Director, and three Non-Executive Directors. This structured election aims to safeguard minority shareholders' interests and align with the regulatory framework.
Shareholders who wish to contest in any of the specified categories must submit their nominations to the Company Secretary at the registered office no later than fourteen days before the EGM. Interested candidates are required to provide a notice of intention, a signed declaration of awareness of duties and powers, a detailed profile, and other relevant documentation to validate their candidacy.
Participants can also attend the EGM via video link. Shareholders or their proxies must register their details through email by 5:00 p.m. on October 21, 2024, to receive the video link and login credentials.
Further, in line with the Companies (Postal Ballot) Regulations, 2018, shareholders can exercise their voting rights via postal ballot or electronic means, adhering to Sections 143 to 145 of the Companies Act, 2017. The postal ballot paper is attached to the notice and available for download on the company’s website.
This EGM is a crucial event for Leather Up Ltd as it sets the direction for the company's governance and leadership for the next three years.