Karachi: Agriauto Industries Limited has officially released a notice regarding the election of directors, scheduled to take place during its Annual General Meeting (AGM) on October 22, 2026. The meeting is set to be held at the Pearl-Continental Hotel, Karachi, with proceedings commencing at 11:30 AM. This announcement follows the stipulations of Section 159 (4) of the Companies Act, 2017, as well as the Companies (Postal Ballot) Regulations, 2018.
The company has disclosed that eight candidates have put forward their nominations for the election of directors. These candidates include Mr. Yutaka Arae, Mr. Fahim Kapadia, Mr. Hamza Habib, Mr. Sohail P. Ahmed, Mr. Muhammad Tayyab Ahmad Tareen, Mr. Aqueel E. Merchant, Mr. Sultan Rehman, and Ms. Aliya Saeeda Khan. However, only seven directors will be elected for a term of three years, as determined by the board under Section 159 (1) of the Act.
The profiles of the nominees have been made accessible on the company's official website, providing shareholders with detailed insights into the candidates' qualifications and experience. This move aims to ensure transparency and informed decision-making among the shareholders.
According to information available from the Pakistan Stock Exchange (PSX), Agriauto Industries Limited is classified within the designated market category. The election process will also include the selection of independent directors, as mandated by Section 166 (3) of the Companies Act, 2017. The criteria for selecting independent directors emphasize experience, competencies, diversity, skills, and knowledge, aligning with regulatory requirements.
The company has also provided details for voting through postal ballots, ensuring that shareholders who are unable to attend the AGM in person can still participate in the election process. The postal ballot papers, along with additional information, have been disseminated to the shareholders in compliance with the applicable regulations.
Shareholders are encouraged to exercise their voting rights, with the flexibility to allocate votes to a single candidate or distribute them among multiple candidates as per their discretion. The total number of votes cast should not exceed the shareholder's available voting power, calculated as the number of shares held multiplied by the number of directors to be elected.
Agriauto Industries Limited has reiterated its commitment to conducting the election process in a transparent and efficient manner, ensuring that the interests of the shareholders are duly represented in the board's composition.