Karachi, Orient Rental Modaraba has disclosed the convening of its 6th Annual Review Meeting, slated to take place on October 26, 2023, in Karachi. The primary objective of this meeting is to review the performance of the Modaraba for the fourth year ending on June 30, 2023. The company has outlined key details for certificate holders who wish to participate in the event:

Participation in the Meeting:

a) Physical Attendance: Certificate holders whose names are listed in the certificate holder register of the Modaraba as of the close of business on October 18, 2023, are eligible to attend the Annual Review Meeting. Individuals must verify their identity by presenting their original Computerized National Identity Card (CNIC) or original passport when attending the meeting. For individuals represented by proxies, the proxy must verify their identity with an original CNIC along with a duly verified proxy form. All proxy forms must be submitted to the registered office of the Modaraba at least 48 hours before the meeting. Corporate entities must provide a Board of Directors resolution or Power of Attorney with specimen signatures, along with a proxy form, submitted at least 48 hours before the meeting.

b) Participation through Video Conferencing: The Securities and Exchange Commission of Pakistan (SECP) has mandated the option for certificate holders to participate in General Meetings through electronic means. Registered certificate holders who have submitted all requested information within the specified timeframe will receive video conference link details and login credentials.

Closure of Certificate Transfer Book:

The certificate transfer books will remain closed from October 19, 2023, to October 26, 2023, inclusive of both dates. Transfers received at the office of the Registrar of Orient Rental Modaraba, M/s. CDC Share Registrar Services Limited in Karachi, by the close of business hours on October 18, 2023, will be considered eligible for entitlement to dividends and attendance at the Annual Review Meeting.

Availability of Audited Financial Statements on Modaraba's Website:

In accordance with the SECP's S.R.O. 634(1)/2014, the Annual Report for the fourth year ending on June 30, 2023, will be accessible on the Modaraba's website concurrently with its dispatch to certificate holders.

Deduction of Withholding Tax on Dividend Amount:

The company has outlined the rates of income tax deduction from dividend payments under section 150 of the Income Tax Ordinance, 2001, as follows:

a) For individuals appearing in the Active Taxpayers' List: 15%

b) For individuals not appearing in the Active Taxpayers' List: 30%

In cases where a Folio/COS Account is jointly held, each joint-holder will be treated separately as Active or Non-Active for tax purposes. Tax will be deducted based on the gross dividend amount, with tax rates applied in line with respective proportions. Certificate holders are urged to notify any changes in their certificate holding proportions in writing to the Share Registrar or their Participants/CDC Investor Account Services to ensure correct dividend payouts.

Certificate holders seeking exemption from income tax deduction or eligibility for reduced tax rates should submit valid tax certificates or necessary documentary evidence to the Share Registrar.

This comprehensive information aims to facilitate the smooth participation of certificate holders in the Annual Review Meeting and ensure compliance with tax regulations.