Karachi, In an official notice, Baluchistan Wheels Limited has announced an Extraordinary General Meeting to be held on June 22, 2023, in Baluchistan, or alternatively online via Zoom. The meeting aims to address several important matters pertaining to the company's future.
The agenda includes both ordinary and special business items. Firstly, the confirmation of the minutes of the 421111 Annual General Meeting held on October 1, 2022, will be discussed.
The most significant matter on the agenda is the proposal to increase the company's Authorized Share Capital. The proposal suggests raising it from Rs. 250,000,000/- to Rs. 1,250,000,000/-. In line with this, the Memorandum of Association and Articles of Association will be amended accordingly.
The resolutions proposed to achieve this increase in share capital involve dividing the capital into 125,000,000/- ordinary shares of Rs. 10/- each, with the addition of 100,000,000/- ordinary shares of Rs. 10/- each. The alterations to the Memorandum and Articles of Association will replace the existing figures and words with the new values.
Furthermore, it is resolved that the Chief Executive Officer and the Company Secretary be authorized individually to complete all necessary legal and corporate formalities to implement the aforementioned resolutions.
Apart from the special business, the meeting also allows for the discussion of any other matters with the permission of the Chairman.
To facilitate the necessary preparations, the Share Transfer Books of the Company will remain closed from June 15, 2023, to June 22, 2023, inclusive.