Karachi: Mughal Energy Limited has formally issued a "Notice to Members for Providing Particulars of Ultimate Beneficial Owners," which is set to be dispatched to its members. The notice is a regulatory requirement aimed at obtaining essential information about individuals who hold significant control over the company, either directly or indirectly.
The notice, dated September 29, 2026, adheres to the stipulations outlined in regulation 48 of the Companies Regulations, 2024. Specifically, it mandates that any member directly holding at least five percent of the company must declare whether they are the ultimate beneficial owner. Furthermore, if a member directly holds 25 percent but is not the ultimate beneficial owner, they must also submit a declaration detailing the true beneficial owner as defined by the regulations.
Under sub-regulation (7) of regulation 48, an ultimate beneficial owner is characterized as a natural person who possesses or controls a company with a minimum of 25 percent of shares or voting rights. This control can be exerted directly or indirectly through various means such as a chain of ownership or through close relatives who have a significant influence over the company's financial and decision-making processes.
The members are required to furnish the necessary details concerning the ultimate beneficial owner within a fourteen-day window from the date of the notice. Failure to comply will result in the company proceeding as per the provisions of the applicable regulations, without issuing further notices.
According to information available from the Pakistan Stock Exchange (PSX), Mughal Energy Limited's regulatory notice underscores the importance of transparency in corporate governance and aligns with efforts to ensure compliance with statutory requirements. The notice emphasizes the need for clear identification of individuals who wield significant influence within the company, thereby promoting accountability and regulatory adherence.
This call for disclosure is part of a broader regulatory framework designed to enhance corporate transparency and ensure that companies accurately report the true beneficiaries of their shares and voting rights.