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Karachi, The Organic Meat Company Limited, a prominent player in the organic meat industry, held an Extraordinary General Meeting on June 20, 2023, where several important resolutions were passed by the members of the company. The meeting focused on special business matters, resulting in crucial decisions to enhance the company’s authorized capital and amend its Memorandum of Association.
The first resolution that gained unanimous approval was the increase in authorized capital. The members resolved to increase the authorized share capital of the company from Rs. 1,350,000,000/- (Rupees One Billion Three Hundred Fifty Million Only) to Rs. 1,650,000,000/- (Rupees One Billion Six Hundred Fifty Million Only). This increase would entail dividing the capital into 165,000,000 (One Hundred Sixty-Five Million Only) ordinary shares of Rs. 10/- each, which would rank pari-passu with the existing ordinary shares of the company.
To align with the authorized capital increase, the second resolution involved replacing Clause V of the Memorandum of Association. Members approved the special resolution, thereby modifying the existing clause to reflect the new authorized capital. The revised Clause V now states that the authorized capital of the company is Rs. 1,650,000,000/- (Rupees One Billion Six Hundred Fifty Million Only) divided into 165,000,000 (One Hundred Sixty-Five Million) ordinary shares of Rs. 10/- (Rupees Ten) each. The clause also empowers the company to exercise its rights to increase, reduce, consolidate, or reorganize the share capital and classify shares into different classes as per the provisions of the Companies Act, 2017.
Furthermore, the members passed a resolution to authorize the Chief Executive Officer, Chief Financial Officer, and/or Company Secretary of The Organic Meat Company Limited to carry out all necessary steps and actions related to the increase in authorized share capital and the amendment/alteration in the company’s Memorandum of Association. This empowerment allows the designated individuals to undertake all incidental and ancillary measures required to implement the approved resolutions.
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