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Karachi, Reliance Insurance Company Limited has scheduled an Extraordinary General Meeting for June 26, 2023, in Karachi. The purpose of the meeting is to address various matters, including the confirmation of minutes from the previous Annual General Meeting and the consideration of special resolutions related to the company’s capital increase.
The ordinary business of the meeting includes the confirmation of the minutes of the 4151 Annual General Meeting held on April 27, 2023. However, the focus will primarily be on the special business resolutions.
The first special resolution to be discussed is the proposed increase in the company’s authorized capital from Rs. 750,000,000/- to Rs. 1,000,000,000/-. This increase will be achieved by creating 25,000,000 new ordinary shares, each valued at Rs. 10/-.
The second special resolution involves the alteration of the Memorandum and Articles of Association. The existing figures and words in Clause V of the Memorandum of Association and Article 4 of the Articles of Association will be substituted with the new values of Rs. 10,000,000,000/- divided into 100,000,000 ordinary shares of Rs. 10/- each.
The third special resolution aims to ensure that the newly issued ordinary shares carry equal voting rights and rank pari passu with the existing ordinary shares, in accordance with the provisions of the Companies Act, 2017.
Lastly, the fourth special resolution authorizes the Chief Executive Officer and Company Secretary to take all necessary actions and complete the legal formalities, including filing the required documents with the Registrar to implement the resolutions.
In addition to the specified agenda, the meeting will allow for the discussion of any other business with the permission of the Chair.
To facilitate the meeting and ensure the necessary preparations, the shares transfer books of Reliance Insurance Company Limited will remain closed from June 20, 2023, to June 26, 2023, inclusive. Shareholders are encouraged to participate actively and engage in the decision-making process during this Extraordinary General Meeting.