Allied Bank Limited Announces Director Elections

Karachi: Election of Directors at Allied Bank Set for August 27

Allied Bank Limited has officially notified its members that the election of directors will take place during the Extraordinary General Meeting scheduled on August 27, 2024, in Lahore, Pakistan. The meeting will potentially extend if necessary to an adjournment. This election follows the procedural guidelines under section 159(4) of the Companies Act, 2017.

The candidates slated for election include Mr. Mohammad Naeem Mukhtar, Mr. Sheikh Mukhtar Ahmad, Mr. Muhammad Waseem Mukhtar, Mr. Zafar Iqbal, Ms. Nazrat Bashir, who is a female independent director, and independent directors Mr. Muhammad Kamran Shehzad and Mr. Mian Ikram ul Haq. The bank has confirmed that these candidates meet the requisite criteria for directors as stipulated by the State Bank of Pakistan and Section 166 of the Companies Act.

According to information available from the Pakistan Stock Exchange (PSX), the upcoming election is notable as the number of candidates does not exceed the number of directorships available. This situation implies that these candidates will be deemed elected unopposed, subject to final approval by the State Bank of Pakistan.

The notifications for this election are set to be published in the Daily Business Recorder and Nawa-i-Waqt newspapers in their Karachi, Lahore, and Islamabad editions on August 20, 2024, fulfilling the disclosure requirements under Regulation 5.6.9(b) of the PSX Rule Book.

The profiles of all candidates have been made available on the Allied Bank’s official website, enhancing transparency and ensuring compliance with regulatory expectations.

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