As a shareholder of M/s Callmate Tullips Telecom Limited ("the Company"), I was entitled to receive the notice of Annual General Meeting (AGM) along with Annual Accounts for the year ended June 30, 2006, on or before 10.10.2006, as per Section 50, 158 and 233 of the Companies Ordinance, 1984, ("the Ordinance") and Listing Regulations of the KSE.
Further, after the finalisation of annual audited accounts for the year mentioned above, the company should publish on its website the first quarterly accounts for the period ended September 30, 2006, which are not subject to audit.
According to press reports I had come to know that there is a problem with auditors of the company which was resolved and ultimately the annual results for the year June 30, 2006 were announced by the Board of Directors in its meeting held on 22.02.2007.
Since that day, I did not receive any notice of AGM along with annual accounts approved by the directors or any other correspondence.
As per Section 245 of the Ordinance, I was also entitled to receive Half-Yearly Accounts for the period ended December 31, 2006, on or before 28th February 2007, but I did not receive any communication. Lastly, the third financial quarter, ie, 31.03.2007, has also ended. Keeping in view the above circumstance, it is not expected that the third quarter accounts would be published within the prescribed time period of law. It is pertinent to note that there is no provision in the law for the extension in period in quarterly and half yearly accounts.
Regardless of the issues with the Regulator, the company should issue a press release about the reasons of delay in holding the AGM and also sending the accounts to the minority shareholders which is their legitimate right given by the law.
The Chief Executive is again requested to please send me the annual accounts for the year ended June 30, 2006 which have been approved by the directors along with notice of AGM or otherwise issue a press release regarding the holding of overdue AGM, for the convenience of minority shareholders. It is hoped that the company would maintain its status and will act according to law and good corporate governance.