The election of directors of the companies is held in
general meetings, on completion of the term of office of directors after every
three years as laid down in Sections 178 and 180 of the 1984 Companies
Ordinance.
The SECP has received many queries from the companies that
the date of election of directors coincides with the forthcoming Eid-ul-Adha
holidays. The SECP in this regard clarifies that if the date of election of
directors of a company overlaps with the holidays, the company can hold the
election of its directors immediately after the official holidays.
Besides the election of directors, if any other requirement
of the Companies Ordinance, which is time-constrained and its deadline
coincides with the holidays, the companies are advised to comply with the
respective statutory requirement, immediately after the holidays.
The SECP has taken this decision to facilitate companies and
encourage participation of maximum shareholders in the general meeting convened
for election of directors.
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