Security Papers Limited Reschedules 8th EOGM for Director Elections

Karachi, Security Papers Limited (SPL) has announced the rescheduling of its 8th Extraordinary General Meeting (EOGM) for February 13, 2024, at 9:00 AM. This meeting, initially planned for November 29, 2023, was suspended by the Islamabad High Court (IHC) due to a Writ Petition (No. 3877 of 2023) filed against the Federation of Pakistan and others. Following the dismissal of the petition and the subsequent lifting of the suspension order, SPL is now set to proceed with the EOGM at its Registered Office in Karachi and via a video link (Zoom application).

The primary agenda of this EOGM is the election of four directors, comprising three independent directors and one female director, as mandated by Section 159(1) of the Companies Act, 2017. The candidates for these positions, including Mrs. Farzana Munaf, Mr. Muhammad Saleem Tahir, Mr. Farmanullah Zarkoon, Mr. Muhammad Sualeh Ahmad Faruqui, Mr. Asad Ali Shah, and Mr. Ahmed Munaf, had filed their intentions to contest the elections earlier. Notably, Mr. Muhammad Javed Akhtar withdrew his candidacy for the independent director category on December 29, 2023.

The Share Transfer Books of SPL will remain closed from February 7, 2024, to February 13, 2024. Shareholders registered by February 6, 2024, are entitled to attend and vote at the EOGM. Proxies previously obtained are now invalid, and shareholders must obtain new proxies for this rescheduled meeting. The shareholders interested in attending the meeting via video link need to register by February 6, 2024, providing specific details to SPL.

The EOGM will also facilitate postal balloting and e-voting for its members, in line with the Companies (Postal Ballot) Regulations, 2018 and Sections 143 and 144 of the Companies Act, 2017. Results from previous postal balloting and e-voting processes have been declared invalid due to the rescheduling.

This meeting marks an essential step in SPL’s corporate governance, ensuring compliance with regulatory requirements and facilitating shareholder participation in the company’s strategic decisions.