KARACHI: SECP has taken a decisive step to restore normal corporate governance at K-Electric by ordering the company to hold long-overdue board elections in March 25, 2026, bringing an end to more than three years of regulatory and legal uncertainty.
The country’s sole power utility for Karachi has been operating under a frozen board structure since July 2022, when its last election of directors was followed by litigation that resulted in a court-ordered stay on any changes to the board. That interim order, issued in October 2022, effectively stalled the company’s governance cycle and was repeatedly cited by K-Electric as the reason elections could not be held, including those due in mid-2025.
The stalemate was finally resolved in January 2026 when the relevant civil court dismissed the case after the plaintiff withdrew the suit. With the legal restriction removed, K-Electric disclosed the development to the Pakistan Stock Exchange, confirming that no judicial barrier remained in the way of fresh elections.
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Following this breakthrough, the Securities and Exchange Commission of Pakistan moved swiftly to enforce compliance with the Companies Act. Invoking its statutory powers, the regulator directed K-Electric to immediately initiate the election process and formally scheduled an Extraordinary General Meeting for March 25, 2026, to elect a new board of directors.
The company has also been instructed to provide evidence within weeks that the election process has begun, ensuring transparency and timely implementation of the regulator’s order.
The SECP made clear that while the directive clears the path for renewed leadership, it does not preclude any further regulatory review of the prolonged delay.
The intervention is being seen as a positive reset for K-Electric, reopening the door to strengthen oversight, improved accountability, and a return to orderly corporate governance after years of uncertainty.
Copyright Business Recorder, 2026
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