Karachi: The Nation Popular Islamic Modaraba has announced the temporary closure of its Modaraba Certificates Transfer Book from October 21, 2025, to October 28, 2025. This closure is set to determine the names of Certificate Holders eligible to attend the upcoming Annual Review Meeting. Transfers of certificates must be received by the office of the Share Registrar, Central Depository Company of Pakistan, by the close of business on October 20, 2025, to be considered for eligibility.

The Modaraba has also outlined the tax implications related to dividend payments. Withholding tax on dividends will be deducted according to the relevant sections of the Income Tax Ordinance, 2001, applicable to both Filers and Non-Filers.

In a move to ensure transparency, the Modaraba’s Annual Audited Financial Statements can be accessed through its website. According to information available from the Pakistan Stock Exchange (PSX), this measure aligns with the broader requirements for listed companies.

Further, the Modaraba emphasized the importance of electronic dividend payments under Section 242 of the Companies Act 2017. It is mandatory for listed companies to pay dividends electronically, directly into the bank accounts designated by Certificate Holders. Certificate Holders are advised to submit their bank account details via the Dividend Mandate Form available on the Modaraba’s website. Non-compliance will result in withheld dividend payments.

Regarding the conversion of physical certificates, the Modaraba informed Certificate Holders of the necessity to transition from physical certificates to book-entry forms, as per Section 72 of the Companies Act, 2017. This initiative aims to enhance the security and convenience of certificate management and is part of the compliance framework expected to be completed within four years from May 30, 2017.

Additionally, unclaimed dividends remain a point of focus. If dividends declared by the Modaraba remain unclaimed for three years, the Modaraba will issue a ninety-day notice for claims. Should no claims be made, the unclaimed dividends will be deposited with the Federal Government, adhering to the provisions of Section 244 of the Companies Act, 2017.

These measures underscore the Modaraba’s commitment to regulatory compliance and its efforts to enhance operational efficiency for its Certificate Holders.