Karachi: Sitara Peroxide Limited, a public listed company, is facing a potential shift in its governance structure following a formal requisition from Shabnam Tariq, a substantial shareholder holding no less than ten percent of the company’s issued share capital. Dated January 21, 2026, the letter calls for a fresh election of directors, leveraging statutory rights under the Companies Act, 2017.
Shabnam Tariq’s requisition is grounded in Section 162 of the Companies Act, 2017, which empowers shareholders with sufficient voting power to demand new director elections before the expiry of their current term. This move underscores the shareholder’s strategic push for a governance review and renewal at the company.
In addition to the call for elections, Tariq’s requisition mandates the Board of Directors to convene an Extra-Ordinary General Meeting (EOGM) as per Section 133 of the Companies Act, 2017. This section allows shareholders possessing at least ten percent of voting rights to initiate such meetings for specific business transactions.
According to information available from the Pakistan Stock Exchange (PSX), Sitara Peroxide Limited must adhere to the relevant disclosure requirements and procedural norms stipulated by both the Companies Act, 2017, and the applicable Listed Companies Regulations. This ensures transparency and regulatory compliance throughout the election and meeting processes.
The Board is legally obligated to call the EOGM within twenty-one days of receiving the requisition and hold the election within thirty days thereafter. Failure to meet these deadlines could lead to further actions by the requisitionists under Section 133(5) of the Companies Act, 2017, preserving their legal rights.
This development places Sitara Peroxide Limited under significant scrutiny as it navigates the procedural and regulatory expectations set forth by the substantial shareholder. The company is expected to confirm the date, time, and venue of the EOGM promptly to comply with the statutory provisions and address the shareholder’s requisition in a timely manner.