Karachi: Enclosed please find a copy of Notice of the Extra Ordinary General Meeting to be held on 29th November, 2011 for circulation amongst your members.
Notice of Extra Ordinary General Meeting
Notice is hereby given that the Extra Ordinary General Meeting of the shareholders of the Universal Insurance Company Limited will be held on Tuesday November 29, 2011 at 10:00 A.M. at the registered office of the Company, Universal Insurance Rouse, 63-Shabrah-e-Quaid e Azam, Lahore to transact the following business:
1. To confirm the minutes of the 51st Annual General Meeting held on April 28, 2011.
2. To consider and if thought fit, to pass the following resolution with or without modification as special resolution:
“Resolved that the Paid-up Capital of the Company, currently amount to Rs. 262.50 million (Rupees Two Hundred Sixty Two Million and Five Hundred Thousand Only) divided into 26,250,000 Ordinary Shares of Rs. 10/- each, be increased to Rs. 300 million (Rupees Three Hundred Million) divided into 30,000,000 Ordinary Shares of Rs. 10/- each by offering 3,750,000 Ordinary Shares of Rs. 10/- each at par to sponsors and directors of the Company and to such persons to whom the directors may deem fit to issue shares to fulfill the requirements of the minimum Paid-up Capital i.e. 300 million (Rupees Three Hundred Million) by December 31, 2011, as required under Section 28 of the Insurance Ordinance 2000 and under SECP circular No.3 of 2007.”
“Further resolved that the Company Secretary is hereby authorized to take all necessary steps in this respect including obtaining permission from the Securities and Exchange Commission of Pakistan under proviso to Sub-Section (1) of Section 86 of the Companies Ordinance 1984 and to undertake other necessary formalities in this behalf”.
3. To consider any other business with the permission of the Chairman.
1. A member entitled to attend and vote at this meeting is entitled to appoint a proxy to attend and vote in his/her behalf. A proxy must be a member Proxy forms, must be received at the registered office of the Company, duly stamped and signed, not less than 48 hours before the meeting.
ii. The share transfer books of the Company will remain closed from 26th November, 2011 to 2nd December, 2011.
iii. Members are requested to promptly communicate to the Company, any change in their address.
Statement under Section 160 of the Companies Ordinance 1984
The Insurance Ordinance 2000 has required the Insurance Companies to have a minimum Paid-up Capital of Rs.300 million up to December 31, 2011. Accordingly, the company shall not be allowed to carry on its business with effect from 01-01-2012. The Board of Directors of the Company has decided to have recourse to the procedure provided under proviso to Sub Section (1) of Section 86 of the Company’s Ordinance 1984 to issue 3.750 million shares of Rs. 10/- each equivalent to Rs. 37.500 million to sponsors / directors of the Company and to such persons whom the directors may deem fit.
The Directors are only interested to the extent of their respective shareholding.
For more information, contact:
The Universal Insurance Company Limited
Head Office: Universal Insurance House. 63,
Shahrah-e-Quaid-e-Azam Lahore 54000.
Tel: (042) 37353458-37353453
Fax: (042) 37230326, (92-42) 37353209