Agritech Limited Announces Director Elections Set for July 22

Lahore: Agritech Limited has officially announced the upcoming Extraordinary General Meeting scheduled for July 22, 2024, where members will elect new directors. The election, to be held both in-person in Lahore and via video link, comes as several candidates have declared their intentions to seek positions under specific categories as outlined in the notice under Section 159(4) of the Companies Act, 2017.

The company has categorized the director positions into three distinct sections. For the Female Director category, Ms. Minahil Mohsin Naqvi stands uncontested, guaranteeing her election to the board. In the categories for Independent and Other Directors, more candidates have emerged than positions available, necessitating a formal vote. Notable among the independents are Mr. Hasan Ahmed, Mr. Abdullah Ghaffar, and Mr. Syed Mohsin Raza Naqvi. The ‘Other Directors’ category features a larger slate, including Mr. Syed Mustafa Haider Hamdani, Mr. Syed Adil Hussain, and several others up to Mr. Ali Muhammad Khan.

According to information available from the Pakistan Stock Exchange (PSX), voting will adhere strictly to the number of positions available in each category, with members possessing votes proportional to their shareholdings multiplied by the number of directors to be elected in each category. This formula ensures equitable representation and influence across the board.

Members may cast their votes by post or through an electronic voting system managed by Corplink (Private) Limited, with detailed instructions and authentication measures provided to ensure a secure and verifiable voting process. Voting is set to commence on July 19 and will conclude on July 21, just ahead of the general meeting.

The appointment of M/s. Qadeer and Company as scrutineers will further bolster the integrity of the voting process. The firm meets the rigorous standards set by the Institute of Chartered Accountants of Pakistan and is tasked with overseeing the election procedures in accordance with both the Companies Act and the Companies (Postal Ballot) Regulations, 2018.

The outcome of these elections will shape the leadership of Agritech Limited for the next three years, aligning with the company’s strategic goals and governance standards. Profiles and justifications for the appointment of these candidates are available for review on Agritech’s official website.