Karachi: In an emergent meeting held on April 4, 2025, the Board of Directors of PICIC Insurance Limited resolved to present a Modified Scheme of Arrangement to its shareholders for approval, following directives from the High Court of Sindh at Karachi. This development comes in the wake of a court order dated March 26, 2025, concerning the company's compliance with objections raised by the Securities and Exchange Commission of Pakistan (SECP).

The meeting, convened at 11:00 a.m. at the company's headquarters on I.I. Chundrigar Road, focused on addressing the High Court's directions under Petition J.C.M. No. 45/2017. The court directed that modifications to the original scheme, approved by shareholders on February 6, 2018, be made to address concerns regarding the transfer of insurance liabilities and the calculation of the swap ratio.

The Board resolved to present the Modified Scheme of Arrangement, which proposes the merger of CSI into PICIC Insurance Limited by way of amalgamation. This scheme will include all ancillary matters and has been approved by the company's Board of Directors. The Board has decided to place the scheme before the shareholders as special business, in accordance with the court's directive.

According to information available from the Pakistan Stock Exchange (PSX), this move by PICIC Insurance Limited is essential for compliance and ensuring the smooth execution of the merger process. The company is part of the insurance market category, focusing on restructuring its operations to align with regulatory requirements.

Additionally, the Board determined that the notice of the Annual General Meeting (AGM) will include the special business to be transacted. All necessary disclosures required by regulations will be made in the notice to ensure transparency and informed decision-making by the shareholders.

This step is a significant part of PICIC Insurance Limited's ongoing efforts to resolve outstanding regulatory issues and move forward with strategic corporate restructuring.