SECP sets March 25 deadline for K-Electric board elections

The Securities and Exchange Commission of Pakistan (SECP) has directed K-Electric to conduct long-pending elections for its board of directors, scheduling an Extraordinary General Meeting (EGM) on March 25, 2026, to elect a new board, according to its formal order issued on Friday.

K-Electric has operated without a fully renewed board since July 2022, when litigation over the last directors’ election led to a court-ordered freeze on changes to its board structure. That interim order, issued in October 2022, was repeatedly cited by the company to justify delays in holding subsequent elections scheduled for mid-2025.

In January 2026 the relevant civil court dismissed the case after the plaintiff withdrew the suit, removing the judicial barrier to fresh elections, a development disclosed by K-Electric to the Pakistan Stock Exchange.

Following the removal of the legal stay, the SECP invoked its statutory powers under the Companies Act, 2017 to enforce compliance and directed the power utility to begin the election process immediately. The regulator has also instructed K-Electric to submit evidence within “weeks” showing that election preparations are underway.

The SECP clarified that its directive does not rule out additional regulatory review of the delay in holding board elections.

The order ends more than three years of regulatory and legal uncertainty over the company’s governance, reopening the path for restored board oversight at the Karachi-based utility.