Karachi: Pakistan Hotels Developers Limited (PHDL) has announced a plan for its voluntary winding-up, as approved by its Board of Directors. On December 2, 2024, the board convened and recommended for approval the declaration of solvency under rule 269 of the Companies (Court) Rules, 1997. This decision is set to be presented to the members for endorsement at an Extra Ordinary General Meeting (EOGM) scheduled for December 31, 2024.

The board has also proposed the appointment of five liquidators to oversee the winding-up process: Mr. Mohsin Ferozuddin, Mr. Masroor F. Baweja, Mr. Muzaffar Baweja, Mr. Zaheer Baweja, and Mr. Zubairuddin Baweja. Notably, these appointments are to be made without any remuneration, pending approval in the forthcoming EOGM.

According to information available from the Pakistan Stock Exchange (PSX), the board's decisions are in alignment with the regulatory requirements stipulated in section 96 of the Securities Act 2015 and clause 5.6.1(a) of the PSX Rule Book. The company has communicated these developments to the TRE Certificate Holders of the Exchange, as required.

The upcoming EOGM will serve as a critical juncture for the company's members to decide on these significant recommendations, which mark a pivotal point in PHDL's corporate journey.