Karachi: This is with reference to your email dated 2.12.2011 on the captioned subject.
2. In this connection, it has been noted from the record that Wateen Telecom Limited (“Company”) has failed to hold its annual general meeting (“AGM”) for the calendar year 2011 within the time frame stipulated under section 158 of the Companies Ordinance, 1984 (“Ordinance”) and the extended period allowed by the Commission through its letter dated 13.10.2011. The Company has further applied to this Commission requesting exemption up to 20.10.2011 in holding the said AGM under Section 170 of the Ordinance vide its aforesaid email as it was unable to hold the AGM within the extended period i.e. 30.11.2011 due to non-completion of audit of the Company.
2. In this connection, I am directed to advise the Company in terms of Section 170 of the Ordinance to convene the overdue Annual General Meeting for the year ended 30.06.2011 on or before 20.1.2012, so as to lay therein the audited accounts for the aforesaid period and to transact any other business as required under the law and thereafter submit, within a week of the date of the meeting so held, a compliance report along with attested copies of the minutes of the said meeting and the audited accounts so approved.
3. This direction shall be without prejudice to the penal and civil consequence of the defaults already made by the company and its management in complying with the provisions of Section 158 and 233 of the Ordinance.
For more information, contact:
Haris Bin Tipoo
Deputy Director (Enforcement)
Karachi Stock Exchange
Tel: +9221 111 001 122
Fax: +9221 3241 0825, 3241 5136