SECP restrains Haji Dossa from passing resolution: disposal of bulk storage terminal division

The Securities and Exchange Commission of Pakistan (SECP) has restrained Haji Dossa Limited, a listed company, from passing special resolution to dispose of bulk storage terminal division of the company without proper disclosure to its shareholders.
Haji Dossa Limited convened an extraordinary general meeting and published a notice of the meeting in the press.
According to the agenda contained in the notice, the company proposed to pass a special resolution for disposing of the assets of the company.

The SECP said that the statement of material facts pertaining to the proposed special business, as required under Clause (b) of Sub-section (1) of Section 160 of the Companies Ordinance, 1984, was not annexed in the notice of the meeting.
Moreover, the proposed resolution was vague and the SECP received complaints from the shareholders of Haji Dossa Limited.
In view of the aforementioned deficiencies, the SECP directed the company that the passing of such a resolution would be contrary to the provisions of the Companies Ordinance, as material information in respect of proposed special business had not been disclosed to the shareholders.