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.
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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
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