Lahore: Escorts Investment Bank Limited has announced that its 29th Annual General Meeting (AGM) will take place on October 28, 2024. The meeting is scheduled to be held at Lahore, and will address various matters of business, according to a notice circulated to shareholders.
The company’s agenda includes the confirmation of the minutes from the previous AGM held on October 27, 2023, and the review and adoption of the Annual Audited Financial Statements for the fiscal year ended June 30, 2024. The shareholders will also receive and consider the Auditor’s Report, Director’s Report, and Chairman’s Review Report, which will be presented during the meeting. According to information available from the Pakistan Stock Exchange (PSX), this meeting is an important event for the company's shareholders to review its financial performance and approve key decisions.
In another significant agenda item, the meeting will appoint external auditors for the fiscal year ending June 30, 2025. The Board of Directors has recommended the reappointment of M/s Ilyas Saeed and Company, Chartered Accountants, on the advice of the Audit Committee. The external auditors, who have been serving the company, have offered themselves for reappointment.
A special resolution is also part of the agenda, where the shareholders will be asked to approve the circulation of the company's annual report—including the audited financial statements and accompanying documents—via QR-enabled code and weblink. This move aligns with Section 223(6) of the Companies Act 2017, which, following S.R.O. 389(1)/2023 from the Securities and Exchange Commission of Pakistan (SECP), allows companies to adopt digital dissemination of their annual reports in place of traditional CD/DVD/USB formats.
Shareholders will also have the opportunity to raise any other business matters with the permission of the Chair, ensuring an open forum for discussion and decision-making on relevant issues. The official notice was issued on October 07, 2024, by Kamran Chughtai, Company Secretary of Escorts Investment Bank Limited.