Board of Directors to Consider High Court Directive in Upcoming Meeting

Lahore: The Board of Directors of a prominent company will convene on July 18, 2024, at 31-Q, Gulberg-II, Lahore, to deliberate on the Lahore High Court’s recent directive. The court, in its order dated July 3, 2024, mandated an extraordinary general meeting for shareholder approval of a Scheme of Arrangement involving the Company and Nishat Chunian Power Limited, along with their two shareholders, Mr. Shahzad Saleem and Nishat Mills Limited.

This meeting follows the court’s instructions to ensure all shareholder approvals are transparent and legally binding. According to information available from the Pakistan Stock Exchange (PSX), the board will thoroughly examine the implications of the High Court’s order on the proposed arrangement between the entities involved.

In compliance with PSX Regulations, specifically clause 5.6.4, the Company has also announced a “Closed Period” from July 9, 2024, to July 18, 2024. During this period, no director, CEO, or executive is permitted to buy or sell company shares. This measure ensures that all actions taken during this critical period are free from any insider influence, maintaining the integrity of the process and upholding market fairness.

The outcomes of this board meeting are eagerly anticipated by stakeholders, including the Certificate Holders of the Exchange and relevant market participants, as they will significantly influence the future operational dynamics between the Company and Nishat Chunian Power Limited.