Board of Directors Schedules Key Meeting in Lahore to Discuss High Court Directive

Business & Finance

Lahore: A meeting of the Board of Directors of the Company is set to take place on July 18, 2024, according to a recent announcement. The session, which will be held at the registered office located at 59-Shadman Colony II, Shadman, Lahore, is scheduled to deliberate on a significant directive issued by the Lahore High Court on July 3, 2024.

The High Court's order pertains to the case CO No. 42288 of 2024 and instructs the convening of an extraordinary general meeting for shareholder approval regarding a Scheme of Arrangement between the Company and Nishat (Chunian) Limited, involving key stakeholders Mr. Shahzad Saleem and Nishat Mills Limited.

According to information available from the Pakistan Stock Exchange (PSX), in anticipation of this crucial meeting, the Company has instituted a "Closed Period" from July 9, 2024, to July 18, 2024. During this time, no director, CEO, or executive is permitted to buy or sell company shares, reflecting standard regulatory compliance under clause 5.6.4 of PSX Regulations.

Stakeholders, including Certificate Holders of the Exchange and other relevant market participants, have been duly informed to ensure adherence to these regulatory guidelines and transparency during the decision-making process.