National Foods Limited Granted Extension for Director Elections by SECP

Karachi: National Foods Limited has received approval from the Securities and Exchange Commission of Pakistan (SECP) to postpone its upcoming director elections, originally scheduled for October 14, 2024.

The company reported an impediment in conducting the elections on the due date and accordingly sought an extension, as permitted under Section 158(2) of the Companies Act, 2017. The SECP, in its letter dated July 2, 2024, acknowledged the impediment and granted the company a ninety-day extension to hold the election.

According to information available from the Pakistan Stock Exchange (PSX), this decision allows National Foods Limited to delay the election process up to ninety days beyond the initial due date. The SECP’s response emphasizes that the retiring directors must take immediate steps to organize the elections within this extended timeframe, ensuring compliance with corporate governance requirements.

The extension is documented in the SECP’s letter, a copy of which has been shared with the PSX to inform stakeholders, including the Certificate Holders of the Exchange, about the revised schedule for the election of directors.