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Nestle Pakistan Limited Announces Board Meeting for Quarterly Financial Review

Lahore, Nestle Pakistan Limited has scheduled a Board of Directors meeting on April 26, 2024, in Lahore. The agenda for this meeting is to review and consider the Quarterly Accounts for the period ending March 31, 2024, and to discuss any potential entitlement declarations.

Additionally, Nestle Pakistan Limited has announced a Closed Period from April 19, 2024, to April 26, 2024, in compliance with regulation 5.6.1(d) of the Pakistan Stock Exchange (PSX) Regulations. During this period, Directors, the CEO, and Executives are prohibited from dealing, directly or indirectly, with the company's shares.

The TRE Certificate Holders of the Exchange have been informed as required.

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EFU General and EFU Life Announce Amalgamation of Subsidiary Health Insurance Operations

Islamabad, EFU General Insurance Limited and its subsidiary EFU Life Assurance Limited announced today the approval of a scheme of amalgamation that will merge EFU Health Insurance Limited into EFU Life Assurance. The resolution passed by the Board of Directors is in accordance with Section 284(1) of the Companies Act, 2017, and will take effect from May 1, 2024. This move will see EFU Health Insurance, a wholly owned subsidiary of EFU Life, completely integrate its operations and assets into EFU Life.

The announcement was made via a public disclosure on the Pakistan Stock Exchange, highlighting the details of the amalgamation and its effective date. EFU Life's corporate headquarters, located at Al-Malik Centre, Jinnah Avenue in Islamabad's Blue Area, remains the central point of contact for corporate affairs, with Mr. Hasan Jivani serving as the Corporate Secretary and Compliance Officer.

EFU General Insurance Limited, also based in Islamabad's Blue Area at the Kamran Centre, has concurrently released its public disclosure regarding the amalgamation. Mr. Amin Punjani, the company's secretary, reiterated the merger's significance to the company's structural alignment and strategic objectives. Both companies have ensured that all legal requirements have been met in line with the Securities Act, 2015, and the rules of the Pakistan Stock Exchange.

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Altern Energy Executive Sells Shares, Details Reported to Pakistan Stock Exchange

Karachi, In compliance with Pakistan Stock Exchange (PSX) Regulation clause 5.6.1.(d), a significant financial transaction involving the sale of shares by a top executive at Altern Energy Limited has been disclosed.

Syed Arsalan Qutb, a General Manager at Altern Energy Limited, executed a sale of 1,500 shares on February 29, 2024. The shares were sold at a rate of 108.56 PKR per share, through the Central Depository Company (CDC) in the ready market.

The transaction will be reviewed at the upcoming board meeting of Altern Energy Limited. The company has confirmed that the sale will be scrutinized for any non-compliance issues as mandated by PSX regulations. Additionally, the company assured that if the holding period of the shares was less than six months, the profit from this transaction would be deposited with the Securities and Exchange Commission of Pakistan (SECP) as per Section 105 of the Securities Act, 2015.

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Kot Addu Power Company Reports Fiscal Performance

Karachi, Kot Addu Power Company (KAPCO) reported an EPS of 26.7 for the January to March 2024 quarter. The company's share price closed at 29.15 rupees, with the weighted average standing slightly lower at 28.41 rupees. KAPCO, with a paid-up capital of 8,802.53 million rupees, has announced dividends of 80% along with an 85% rate and an interim (I) distribution of 45%.

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Delhi Court Extends Chief Minister Arvind Kejriwal’s Custody in Liquor Policy Case


New Delhi, The judicial custody of Delhi Chief Minister Arvind Kejriwal has been extended until April 23 by a Delhi Court in connection with a money laundering case linked to the scrapped liquor policy.



According to Kashmir Media Service, Kejriwal, who was initially arrested on March 21, appeared virtually before Special Judge Kaveri Baweja of the Rouse Avenue Courts as his previous period of custody expired. The extension aligns with the custody end date of co-accused BRS leader K Kavitha, indicating a synchronized review of their cases.



Previously, Kejriwal had sought intervention from the Supreme Court following a Delhi High Court decision that upheld his arrest by the Enforcement Directorate (ED) and his remand in the excise policy case. On April 9, the High Court dismissed his plea for release and rejected the argument that his arrest was politically motivated, particularly with the upcoming Lok Sabha elections.



The High Court also noted Kejriwal’s failure to respond to nine ED summons over a six-month period, which weakened his claims for any special privileges as Chief Minister. This non-cooperation was cited as a significant factor leading to his arrest.



In his appeal against the High Court’s ruling, Kejriwal argued that the ED does not possess sufficient evidence for a conviction under Section 19 of the Prevention of Money Laundering Act (PMLA). He contended that his arrest was primarily based on inconsistent statements from co-accused who later became approvers.



Kejriwal’s arrest is part of the ED’s broader investigation into alleged irregularities in the now-defunct Delhi excise policy for 2021-22.

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Sindh Government Takes Robust Measures Against Crime, Asserts Spokesperson Murtaza Wahab

Karachi, Sindh government spokesperson Barrister Murtaza Wahab has responded to recent statements by MQM leaders, asserting that the provincial government is actively combating crime across Sindh, from Kashmore to Karachi.

According to Karachi Metropolitan Corporation, Wahab criticized MQM’s dual approach to political issues, highlighting its internal divisions and previous politics of division and hate. He outlined the Sindh government’s current efforts under the PPP leadership, noting that police and Rangers are conducting stringent operations against a wide spectrum of criminals, from organized bands in remote areas to street criminals in urban centers. The ongoing crackdown has resulted in numerous arrests and some suspects being neutralized in police encounters.

Wahab also pointed out that while MQM advocates for stronger local governance, it paradoxically seeks federal intervention in provincial matters. He reassured that the PPP is committed to addressing the concerns of its citizens through practical measures rather than mere rhetoric. Emphasizing the party’s focus on substantive development and peace initiatives, he recalled the turbulent past of Karachi marred by violence and crime, crediting the PPP for restoring peace and stability to the city.