Karachi: Bela Automotives Limited, a prominent manufacturer of automotive parts and bicycle components, has confirmed its 41st Annual General Meeting (AGM) scheduled for October 28, 2024, in Hub Chowki, Balochistan. According to the company’s recent communication with the Pakistan Stock Exchange, the AGM will focus on financial reviews and the election of board directors.
The company, known for its production of various bolts, nuts, and motorcycle gears, will conduct its AGM at its factory premises in Mouza Pathra. The agenda includes the confirmation of the minutes from the previous meeting, the adoption of audited financial statements for the fiscal year ending June 30, 2024, and the election of seven directors for a three-year term starting October 29, 2024. The election follows the statutory provisions under section 159 of the Company Act, 2017.
According to information available from the Pakistan Stock Exchange (PSX), Bela Automotives has listed the names of the current directors eligible for re-election, which include Abdul Mateen Allahwala, Omer Mateen Allahwala, Anwar Iqbal, Fazal Kafeel, Farnaz Anwar, Khilat Kafeel, and Sufain Zahid. In addition, the meeting will see the appointment of auditors for the 2024-2025 financial year and the fixation of their remuneration.
The notice also mentions that the company’s Share Transfer Book will be closed from October 21 to October 28, 2024, to facilitate the AGM proceedings. Shareholders have been urged to update any changes in their registered addresses to ensure timely receipt of all communications regarding the meeting.
This AGM is particularly significant as it aligns with the company’s strategic plans for expansion and enhancement of its production capabilities. The election of directors is poised to inject new dynamics into the leadership, potentially influencing the company’s future trajectory in the competitive automotive manufacturing sector.