Karachi: Lucky Cement Limited has announced its upcoming board elections, which are set to proceed without contest, according to the guidelines of the Companies Act, 2017. The announcement coincides with the details released for its 315th Annual General Meeting, scheduled for September 26, 2024, at the company's registered office in Pezu, District Lakki Marwat, Khyber Pakhtunkhwa.
The notice for the elections was initially posted on September 4, 2024, outlining the election process under Section 159(4) of the Companies Act, 2017. This notice will be further published in three major newspapers—"Business Recorder," "Express," and "Frontier Post"—on September 19, 2024.
According to information available from the Pakistan Stock Exchange (PSX), the following candidates have filed notices of their intention to offer themselves for election: Mr. Muhammad Ali Tabba as Executive Director, Mr. Muhammad Sohail Tabba as Non-Executive Director, Mr. Jawed Yunus Tabba, Mr. Masood Karim Shaikh as Independent Director, Mr. Khawaja Iqbal Hassan, Mr. Shabbir Hamza Khandwala, and Ms. Mariam Tabba Khan as Female Director. Their selection aligns with the criteria outlined in Section 166 of the Companies Act and corresponding regulations, emphasizing expertise, qualifications, diversity, and skills.
As per the requirements, the number of candidates does not exceed the number of directorships fixed by the board under section 159(1) of the Act and the Listed Companies (Code of Corporate Governance) Regulations, 2019, thus ensuring their election unopposed at the upcoming Annual General Meeting. Detailed profiles of the candidates have been made available on the company’s website for shareholder review.