Karachi: Quetta Textile Mills Limited has officially announced the convening of its 65th Extraordinary General Meeting (EOGM), scheduled to take place on January 23, 2023. This meeting, set to commence at 9:30 a.m., will be held at the company’s registered office located at Nadir House, ground floor, I.I Chundrigar Road, Karachi.
According to the notice, one of the primary agendas of the meeting is to confirm the minutes from the 64th Annual General Meeting, which took place on October 28, 2024. Additionally, the election of seven directors, as determined by the board of the company in compliance with section 159 (1) of the Companies Act, 2017, will be conducted. The current directors retiring from their positions are Mr. Tariq Iqbal, Mr. Omer Khalid, Mrs. Saima Asim, Mr. Muhammad Saeed, Mr. Asim Khalid, Mr. Tauqir Tariq, and Mr. Abbas Ali.
In preparation for the EOGM, specific protocols have been outlined for individuals and corporate entities attending or appointing proxies for the meeting. Individual attendees must authenticate their identities with original CNICs or valid passports. For corporate entities, a Board of Directors’ resolution or Power of Attorney with a specimen signature of the nominee is required. Proxy forms for individuals and corporate entities must be submitted with the necessary documentation and signatures as per the regulations.
In the middle of the proceedings, shareholders will exercise their voting rights through postal ballot in accordance with the Companies (Postal Ballot) Regulations, 2018, and other relevant sections of the Companies Act, 2017. Members are advised to ensure their updated contact information is recorded with the Share Registrar of the Company.
A notable directive issued by the SECP, as per SRO 452 (1)/2025 dated March 17, 2025, emphasizes that no gifts will be distributed at the EOGM. Furthermore, candidates interested in contesting for the position of director must adhere to the outlined procedures and submit necessary documents no later than fourteen days before the meeting.
According to information available from the Pakistan Stock Exchange (PSX), the election of directors is a critical event, ensuring the alignment of corporate governance practices with the prevailing regulatory frameworks. The selection of independent directors will follow the Companies Act, 2017, and associated regulations to ensure compliance and transparency in governance.
The EOGM will also address the special business concerning the potential appointment of an Executive as a Director of the Company, requiring member approval for holding both offices in accordance with the Companies Act. The company emphasizes that its executives are seasoned professionals, with their roles and remuneration approved by the Board in alignment with company policies.
Lastly, the company has provided a password-protected list of shareholders, available upon request, to facilitate candidates intending to contest the election. The final list of candidates will be shared with shareholders seven days before the EOGM, ensuring transparency and accessibility of information.