Karachi: Sindh Modaraba has announced that its 12th Annual Review Meeting will be held on October 20, 2026, at 11:00 A.M. at the Progressive Centre located on Shahrah-e-Faisal in Karachi. As per the announcement, the meeting will focus on reviewing the performance of the Modaraba for the fiscal year ending on June 30, 2026, in accordance with clause 20 of the Prudential Regulations for Modaraba.
The Board of Directors has approved a final cash dividend of 14%, equating to Rs. 1.40 per certificate, for the concluded fiscal year. This decision aligns with the financial results and strategies discussed in previous gatherings.
The Modaraba Certificate transfer book will be closed from October 13 to October 20, 2026, to finalize the list of certificate holders eligible for the dividend and participating in the Annual Review Meeting. Certificate transfers processed by the registrar's office by the close of business on October 12, 2026, will qualify holders for profit distribution and meeting attendance.
Certificate holders have been advised to update any changes in their addresses with the Registrar of Sindh Modaraba. Additionally, CDC certificate holders planning to attend are required to present their original CNIC, Account, and Participant’s ID number for verification.
In a move towards digital facilitation, Sindh Modaraba has continued its practice of sharing annual audited financial statements via QR-enabled codes and Weblinks, as approved in the last Annual Review Meeting.
Dividend payouts will adhere to the withholding tax regulations under Section 151 of the Income Tax Ordinance, 2001, which differentiates between 'Active' and 'Non-Active' taxpayers, based on their status in the Active Taxpayers List on the Federal Board of Revenue's e-portal. This stipulation also applies to joint account holders, where tax deductions are calculated based on predefined proportions unless otherwise notified.
Certificate holders seeking tax exemptions or reduced rates must provide valid documentation to the Share Registrar. Furthermore, under Section 242 of the Companies Act, 2017, cash dividends will only be disbursed electronically into designated bank accounts. Holders are urged to submit their bank details using the "Dividend Mandate Form" available on the Share Registrar’s website or directly through the Central Depository System (CDS).
Unclaimed dividends or pending physical certificates should be addressed with the Share Registrar. In compliance with Section 244 of the Companies Act, 2017, unclaimed dividends exceeding three years will be credited to the Federal Government or SECP.
The Modaraba also reminds certificate holders to convert physical certificates to Book-Entry Form to meet the Companies Act, 2017 requirements. The Share Registrar can provide guidance on this conversion process.
Sindh Modaraba has reiterated that, according to Section 185 of the Companies Act, 2017, no gifts will be distributed to members during general meetings. According to information available from the Pakistan Stock Exchange (PSX), such practices ensure the Modaraba's compliance with the regulatory framework governing listed entities.