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Karachi, In an upcoming Extraordinary General Meeting (EGM) on June 21, 2023, shareholders of Shahzad & Co. will have the option to cast their votes through a ballot paper system, allowing both in-person and virtual participation. The primary resolution to be voted upon is the proposed increase in the company’s Authorized Capital from Rs. 400,000,000 to Rs. 2,400,000,000.
Shareholders can now send their duly filled in ballot papers to the designated email address of the Chairman, chairman@shahzad.co. This method offers a convenient alternative for shareholders who are unable to attend the meeting physically but wish to participate in the decision-making process.
The proposed increase in Authorized Capital entails the creation of 200,000,000 additional ordinary shares valued at Rs. 10 each. This amendment would modify Clause V of the Memorandum of Association and Article 4 of the Articles of Association accordingly. Currently, the company’s authorized capital stands at Rs. 400,000,000, divided into 40,000,000 ordinary shares of Rs. 10 each, with flexibility for future adjustments as permitted by the Companies Act, 2017.
To facilitate the implementation of this resolution, the Chief Executive and/or any Director of Shahzad & Co. will be authorized to undertake all necessary steps and decisions. This includes obtaining any required approvals and executing, delivering, and filing the requisite documents with relevant authorities. Additionally, the common seal of the Company will be affixed on necessary documents, including share certificates of title to the shareholders, as deemed necessary.
With the ballot paper option and the proposed increase in Authorized Capital, Shahzad & Co. aims to provide its shareholders with enhanced flexibility and opportunities for growth. The EGM will serve as a platform for all shareholders to voice their opinions and contribute to the company’s future direction.