Karachi's electrical power distributor, K-Electric, on Monday issued a disclaimer stating that the company hasn't been served any notice from the Sindh High Court (SHC) restricting any change in the board of its directors or notified about any court proceedings.
The disclaimer was addressed to the Pakistan Stock Exchange, but it was a response to a report published in The News on October 22, according to which the SHC "stopped" the KE from making any change in the company's present board of directors.
"This is to inform you (PSX) that K-Electric has not yet been served through the court process of any proceedings, pleadings or orders referred to in The News article. K-Electric will make appropriate disclosure to the PSX in this regard as soon as it has been served and has sufficient facts to clarify the matter reported [...]," the KE disclaimer statement read.
Moreover, the KE also informed the PSX that a member of the company's board of directors, Sadia Khurram has resigned from the post of non-executive director and the
"The casual vacancy, created on the Board as a result of the above resignation, will be filled by the Board of Directors of the company in due course of time," another statement accompanying the former read.
The distributor requested the PSX to disseminate the information provided to the members of the Exchange accordingly.
It may be noted that all the listed companies are bound to inform the PSX about any change in the institutional structure, boards of directors, sale and purchase of shares and other matters.
"The SHC stopped any change in the present board of directors of Karachi’s sole power supply company KE till further orders," the article referred to by the distributor stated.
The interim order came on a lawsuit filed by Saudi- and Kuwait- based companies Al-Jomiah power limited and Denham Investment which owned 46.2% of shares in KES Power, a majority 66.4% shareholder in the KE, against the proposed change of board of directors of the KE by the other co-owners.
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