Lahore: Millat Tractors Limited has announced a series of agenda items for discussion at its forthcoming Extraordinary General Meeting (EOGM), scheduled for March 17, 2025, as per a notice issued by the company. This meeting will notably consider a special resolution regarding the holding of an office of profit by a director.
The company, listed on the Pakistan Stock Exchange (PSX) and operating within the designated market category of the automotive and engineering sector, is set to confirm the minutes of its previous Extra Ordinary General Meeting held on October 30, 2024. The special business of the meeting will focus on an ordinary resolution proposing that Mr. Laeeq Uddin Ansari be accorded the sanction to hold the office of profit as an executive director. This tenure is set to commence on February 01, 2025, extending until the next director elections on October 30, 2027.
According to the notice, Mr. Ansari's role will encompass coordinating operational, financial, and personnel functions, alongside setting strategic goals and ensuring the provision of necessary resources. His remuneration package, including perks such as company transport and medical expense reimbursement, is capped at Rs.100 million per annum.
The meeting will also address other business matters with the chair's permission. Shareholders have been informed about the closure of the share transfer books from March 11 to March 17, 2025, with transfers received by March 10, 2025, being eligible for attendance and voting.
According to information available from the Pakistan Stock Exchange (PSX), Millat Tractors Limited is facilitating maximum shareholder participation by arranging a video link for remote attendance, in line with SECP guidelines. Shareholders interested in attending via video link must register by March 14, 2025.
Furthermore, the company is implementing electronic and postal voting facilities for the special business resolutions, in compliance with SECP regulations. The e-voting period will be from March 12 to March 16, 2025, with postal ballots required to reach the chairman by March 16, 2025.
In compliance with regulatory requirements, shareholders are also encouraged to convert their physical shares into book entry form to ensure secure and efficient handling of their investments.
The meeting, scheduled for 11:00 A.M. at the company’s premises in Lahore, aims to discuss these and other pertinent issues impacting the future operations and governance of Millat Tractors Limited.