KARACHI: Hum Network Limited (HUMNL) on Saturday held an extraordinary general meeting (EOGM) primarily for the election of directors and to vote on a resolution regarding the change of share registrar.
The election of directors in the EOGM had been stayed due to an appeal in the Sindh High Court (SHC) filed by Mehtab Rashidi. The appeal said that those whose nomination papers were rejected should be barred from attending the board meeting. The SHC had issued a restraining order over Rashidi’s appeal on Friday, and later on stayed the election of HUMNL’s Board of Directors.
In addition, during the EOGM, shareholders were informed of the fact that the share registrar had been changed as per company rules. The resolution regarding the revocation of this change was put forward by Kingsway Capital Partners Limited. HUMNL had earlier changed its Registrar from CDC to FD Registrar.
As per the polling results, the HUMNL chairman announced that votes in favor of the resolution demanding the revocation of the board’s decision were insufficient. HUMNL called this a special resolution, therefore requiring 75 per cent votes to trigger a change.
As per the HUMNL management, the “shareholders expressed confidence on the management and its decision”.
Moreover, as far as the election of directors is concerned, on August 19, 2020 Pakistan Electronic Media Regulatory Authority Islamabad (PEMRA) had stated that there is no provision in PEMRA laws that regulates the election of a director in any company. However, in the case of a change in management or induction of new directors in a company following the election process, PEMRA approval as per laws is needed.