AIRLINK 193.50 Decreased By ▼ -1.51 (-0.77%)
BOP 9.64 Decreased By ▼ -0.13 (-1.33%)
CNERGY 7.53 Increased By ▲ 0.17 (2.31%)
FCCL 37.70 Decreased By ▼ -1.07 (-2.76%)
FFL 15.60 Increased By ▲ 0.01 (0.06%)
FLYNG 25.59 Increased By ▲ 0.18 (0.71%)
HUBC 127.07 Decreased By ▼ -1.55 (-1.21%)
HUMNL 13.50 Decreased By ▼ -0.31 (-2.24%)
KEL 4.58 Increased By ▲ 0.09 (2%)
KOSM 6.10 Decreased By ▼ -0.20 (-3.17%)
MLCF 43.96 Decreased By ▼ -0.83 (-1.85%)
OGDC 203.24 Decreased By ▼ -0.36 (-0.18%)
PACE 6.40 Decreased By ▼ -0.02 (-0.31%)
PAEL 40.98 Decreased By ▼ -0.15 (-0.36%)
PIAHCLA 17.49 Increased By ▲ 0.77 (4.61%)
PIBTL 7.66 Decreased By ▼ -0.02 (-0.26%)
POWER 9.08 Increased By ▲ 0.04 (0.44%)
PPL 174.25 Increased By ▲ 0.34 (0.2%)
PRL 38.07 Decreased By ▼ -1.01 (-2.58%)
PTC 24.07 Decreased By ▼ -0.97 (-3.87%)
SEARL 107.24 Decreased By ▼ -1.82 (-1.67%)
SILK 0.97 Decreased By ▼ -0.02 (-2.02%)
SSGC 36.40 Decreased By ▼ -1.74 (-4.56%)
SYM 19.04 Decreased By ▼ -0.45 (-2.31%)
TELE 8.24 Decreased By ▼ -0.12 (-1.44%)
TPLP 11.78 Decreased By ▼ -0.35 (-2.89%)
TRG 64.88 Increased By ▲ 0.09 (0.14%)
WAVESAPP 11.63 Increased By ▲ 1.06 (10.03%)
WTL 1.68 Decreased By ▼ -0.01 (-0.59%)
YOUW 3.85 Decreased By ▼ -0.02 (-0.52%)
BR100 11,765 Decreased By -123.2 (-1.04%)
BR30 34,986 Decreased By -233.6 (-0.66%)
KSE100 111,487 Decreased By -543 (-0.48%)
KSE30 34,934 Decreased By -201.5 (-0.57%)

ISLAMABAD: K-Electric (KE) is likely not to change the number of Directors of the Board which presently is 13 including the Chief Executive Officer (CEO).

This was stated by KE in its letter to incumbent Board members for approval of the resolution with respect to fixation of number of members of new Board.

Massive changes in BODs of power sector entities on the cards

The following resolutions have been shared with the Board members: (i) the current term of the K-Electric Limited (K) board of directors would expire on July 29, 2022 as the last elections were held on July 30, 2019 and the directors were elected for a term of three years;(ii) as per Section 159 (1) of the Companies Act 2017, the existing directors of a company are required to fix the number of Directors to be elected in the General Meeting, not later than 35 days before convening of such a meeting and the number of Directors so fixed shall not be changed except with the prior approval of the general meeting in which elections to be held;(iii) the current number of directors fixed by the KE Board is thirteen; and(iv) section 179 of the Companies At 2017 inter alia provides that a resolution in writing approved by a majority of the directors shall be as valid and effectual as if it had been passed at a meeting of the directors or the committee of directors duly convened and held. In view of the foregoing, the KE Board of Directors is passing the following Circular Resolution: “resolved that number of directors to be elected by the shareholders in the forthcoming General Meeting of K-Electric Limited (Company) be fixed at thirteen, including the Chief Executive Officer”.

Copyright Business Recorder, 2022

Comments

Comments are closed.