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Wateen Telecom Limited’s director under section 170 of the companies ordinance, 1984
Karachi, May 31, 2013 (PPI-OT): Vide application dated may 23, 2013, Wateen Telecom Limited (WTCL) (‘Wateen’) conveyed to the SECP that the data/ record which was damaged/ destroyed on account of the fire which erupted at the head office of Wateen, could not be compiled and reconstructed by KPMG (the firm hired by Wateen to undertake this exercise) within the timelines initially committed by KPMG on account the emergence of certain technical issues which were unexpected and could not have been anticipated. Consequently, the audit filed work suffered and was also delayed and Wateen was incapacitated from holding the AGM for the year ended June 30, 2012 by May 30, 2013. On the basis of the aforementioned, Wateen sought extension from the SECP till July 10, 2013 for holding the AGM through an appropriate direction under section 170 of the Companies Ordinance, 1984 (‘Ordinance’).
Through this letter we wish to inform the Karachi Stock Exchange that the SECP vide letter dated May 24, 2013, directed Wateen under section 170 of the Companies Ordinance 1984 to convene the AGM for the year ended June 30, 2012, till July 10, 2013.
A copy of the letter issued by the SECP is enclosed herewith for your information and record.
SECP
Subject: Director under section 170 of the Companies Ordinance, 1984
Wateen Telecom Limited (the “Company”) vide its application received on May 23, 2013 through Chief Financial Officer, had sought approval of the Securities and Exchange Commission of Pakistan for holding annual general meeting of members of the Company for the period ended June 30, 2012 till July 10, 2013.
2. Keeping in view of the facts stated in the above said application, and in suppression of direction granted vide dated March 6, 2013, the Company is, hereby directed under Section 170 of the Companies Ordinance, 1984 to convene its overdue Annual General Meeting for the financial year ended 2012, till July 10, 2013, so as to lay therein the audited accounts, transact other businesses as stipulated under the law and thereafter submit, within a week of the date of meeting so held, a compliance report along with attested copies of the minutes. Please note that this letter is subject to submission of auditor’s certificate describing the relevant details of finalization of relevant period accounts;
3. This direction shall be without prejudice to the penal and civil consequences of the defaults on the part of the Company and its officers in making compliance within the period laid down under Section 158 and 233 of the Ordinance. In case of default, penal action in terms of section 171 of the Ordinance shall be taken.
For more information, contact:
Company Secretary and Head of Legal
Wateen Telecom Limited
4th Floor, New Auriga Centre,
Main Boulevard,
Gulberg II, Lahore, Pakistan
UAN: 111-365-111
Fax: +92-42-35787000
Web: www.wateen.com
Email: info@wateen.com