Karachi, Chenab Limited, a company that underwent a period of compulsory liquidation as per the order of Lahore High Court Lahore dated 13-07-2017, has been granted permission to hold its overdue Annual General Meeting (AGM) for the years 2021 and 2022 under Section 147 of the Companies Act, 2017.

The journey of Chenab Limited has seen significant legal developments, with its compulsory liquidation order being reversed by the Lahore High Court on October 29, 2021, subsequently leading to the return of assets to the management in November 2021.

During the interim period, the company's affairs were overseen by the Joint Official Liquidators appointed by the court. Despite their mandate under Section 358 of the Companies Act, 2017, to organize AGMs, these meetings could not be convened due to reasons undisclosed.

The relevant authorities, taking into account the exceptional circumstances, had previously granted approval for the delayed AGM of the year 2020 in June 2023, as conveyed in a letter with reference No. SMD/PRDD/Comp/ (58)/2021/42, dated 27-06-2023.

Having completed the audit for the financial years ending on June 30, 2021, and June 30, 2022, followed by approval from the Board of Directors, Chenab Limited's management is now preparing to convene AGMs on November 30, 2023. The purpose of these meetings will be to seek approval for the audited accounts of the aforementioned years, in accordance with the provisions of the Companies Act, 2017.

The decision to hold these overdue AGMs reflects the company's commitment to adherence to legal and regulatory requirements, as well as its dedication to transparent and accountable corporate governance. The upcoming AGMs provide an opportunity for shareholders and stakeholders to gain insight into Chenab Limited's financial performance, strategy, and future outlook, while also ensuring compliance with regulatory obligations.