Karachi: Security Papers Limited (SPL) announced on March 27, 2025, that its 8th Reconvened Extraordinary General Meeting (EOGM) concluded without proceeding to the election of directors due to a legal restraint imposed by the High Court of Sindh. The meeting, initially scheduled to address electoral matters, was affected by a court order dated March 25, 2025, which restrained the company from holding director elections.

The legal proceedings began when the Appellate Bench of the Securities and Exchange Commission of Pakistan (SECP) filed an application under Miscellaneous Appeal No. 27 of 2025, seeking to prevent SPL from conducting its director elections. The urgency of the matter was underscored by a hearing on March 25, 2025, where the High Court issued the restraint order. The Company Secretary of SPL received the court's order on March 26, 2025, at 4:00 p.m.

Despite actively contesting the SECP's application, SPL cannot provide a precise timeline for when the restraint might be lifted. The EOGM, reconvened on March 27, 2025, was unable to proceed with its agenda concerning director elections. According to information available from the Pakistan Stock Exchange (PSX), the shareholders passed an ordinary resolution acknowledging the conclusion of the meeting without elections, in compliance with the court's order.

The resolution passed by the shareholders emphasized the need for fresh elections once the legal impediment is resolved. SPL will issue a new notice for elections to shareholders after the Sindh High Court adjudicates the matter. The disclosure form, as required under Sections 96 and 131 of the Securities Act, 2015, has been attached for further information.

In compliance with the regulatory requirements, the company has notified the TRE Certificate Holders of the Exchange regarding the developments.