Karachi, The Board of Directors of Baluchistan Wheels Limited has decided to cancel the highly anticipated Extraordinary General Meeting along with the previously scheduled Book Closure period. The decision was reached during a board meeting held on June 15, 2023.
The first major announcement made by the board was their resolution to refrain from increasing the authorized share capital of the company and to forgo any alterations to the Memorandum and Articles Association. As a result, the EOGM, which was planned to discuss these matters, has been officially canceled.
The cancellation has taken many shareholders by surprise, as they were eagerly awaiting the opportunity to participate in the decision-making process and provide their input on these crucial matters. The reasons behind the board's decision remain unknown at this time.
Furthermore, the board also decided to cancel the Book Closure period, which was initially set to run from June 15, 2023, to June 22, 2023. This period typically allows the company to identify the shareholders who are eligible to participate in the EOGM by closing its register of shareholders temporarily.