Karachi: Nishat Chunian Limited and Nishat Chunian Power Limited have announced an Extraordinary General Meeting (EoGM) scheduled for August 17, 2024, in Lahore, to discuss a significant scheme of arrangement involving corporate restructuring. This meeting follows a directive from the Lahore High Court, issued on July 3, 2024, mandating shareholder approval for the proposed changes.
The restructuring plan, which includes both Nishat Chunian Limited and its power sector subsidiary, Nishat Chunian Power Limited, as well as their two shareholders, Mr. Shahzad Salem and Nishat Mills Limited, aims to facilitate a strategic compromise, arrangement, and reconstruction under sections 279 to 282 of the Companies Act, 2017.
According to information available from the Pakistan Stock Exchange (PSX), the proposed scheme will be discussed in detail at the EoGM, with shareholders given the opportunity to vote on the special resolution. The scheme, if approved, will be subject to modifications or conditions that may be imposed by the Lahore High Court.
The notice for the EoGM includes comprehensive documentation available for shareholder review at the registered offices of the involved companies in Lahore. These documents detail the terms of the restructuring, its implications, and provide all necessary financial statements and legal documents pertinent to the restructuring process.
Furthermore, shareholders are advised that the company’s register will be closed from August 8 to August 17, 2024, for administrative purposes ahead of the EoGM. Voting can be done electronically or via postal ballot, with detailed procedures provided to ensure accessibility and compliance with regulatory requirements.
The company has also made provisions for shareholders residing in other cities holding at least 10% of the total paid-up capital, offering them the facility to participate in the meeting via video conference, ensuring broader accessibility and participation in the decision-making process.
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