Millat Tractors Limited Seeks Extension for Annual General Meeting

Karachi: In a recent development, Millat Tractors Limited has officially requested an extension for holding its Annual General Meeting (AGM), which is crucial for the election of its directors. The AGM, traditionally held every three years on October 30 to align with directorial elections, faces scheduling challenges this year.

According to information available from the Pakistan Stock Exchange (PSX), the company’s request, documented on August 16, 2024, aims to align the meeting with the expiration of the current directors’ three-year term, as mandated by the Companies Act of 2017. Specifically, Section 132 (1) stipulates that an AGM must be conducted within 120 days from the close of the financial year, which would be October 28. However, Millat Tractors seeks to hold the meeting on October 30, 2024, consistent with previous practices and the electoral schedule outlined in Section 161.

Included in the request are several critical documents: an application for the extension per regulation 27 of the Companies (General Provisions and Forms) Regulations, 2018; a declaration/indemnity on stamp paper, certified by a notary public; and a fee paid challan for Rs. 10,000, representing the application fee. The company emphasizes that a timely response to this request will enable the timely presentation of the AGM notice during the upcoming board meeting for approval.

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