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Lahore: Hi-Tech Lubricants Ltd. will hold its 16th Annual General Meeting (AGM) for shareholders on October 26, 2024, at the Lahore Chamber of Commerce and Industry (LCCI) Auditorium and through a virtual video link.
The agenda for the AGM includes the confirmation of the minutes from the previous meeting held on October 27, 2023. Shareholders will also review and adopt the company’s audited financial statements for the fiscal year ending June 30, 2024. These statements include the Auditor’s report and the Board of Directors’ reports, which are critical for assessing the company’s financial health and operational success.
According to information available from the Pakistan Stock Exchange (PSX), another key item on the agenda is the reappointment of the company’s auditors. M/s Riaz Ahmad & Co. Chartered Accountants, who retired after the last term but are eligible for reappointment, will potentially continue their role for the fiscal year 2024-25. Their remuneration will also be discussed and fixed during the meeting.
Furthermore, the election of ten directors is slated as per the board’s previous determination under the provisions of section 159 of the Companies Act, 2017. The election will cover a new three-year term commencing immediately after the meeting. The names of the retiring directors, all of whom are eligible for re-election, include Mr. Shaukat Hassan, Mr. Hassan Tahir, Mr. Muhammad Ali Hassan, Ms. Mavira Tahir, Mr. Faraz Akhtar Zaidi, Ms. Mehvish Khan, Mr. Wonjin Yoon, Mr. Shafiq ur Rehman, Dr. Safdar Ali Butt, and Syed Asad Abbas Hussain.
The annual general meeting serves as a pivotal platform for shareholder engagement and is fundamental for the democratic governance of the corporation. The AGM will not only address the operational milestones and financial standings but also strategize for future prospects and challenges.