Nishat Chunian approves winding up of property subsidiary, sale of Gulberg-II land

Members of Nishat (Chunian) Limited have approved the voluntary winding up of Nishat Chunian Properties (Private) Limited, a wholly owned subsidiary of the company, according to resolutions passed at an Extraordinary General Meeting.

The EGM was held on June 29, 2026, at 11:00 am at the company’s registered office at 31-Q, Gulberg-II, Lahore. The resolution was approved under sections 347(b), 183(3)(b), 199 and other applicable provisions of the Companies Act, 2017, subject to requisite approvals.

The members also approved the disposal and sale of freehold land measuring 8 kanals, 7 marlas and 155 square feet situated at Block-K, Gulberg-II, Lahore.

The land is to be distributed to Nishat (Chunian) Limited after the liquidation or voluntary winding up of Nishat Chunian Properties (Private) Limited.

The approval for the sale of the land was granted under Section 183(3)(a) of the Companies Act, 2017.

As part of the approval, the Board of Directors has been authorised to undertake, finalise and complete the sale of the land on terms and conditions it considers fit and in the best interest of the company and its shareholders, including securing the best available market price.

The board has also been authorised to delegate any of its powers related to the transaction to the Chief Executive Officer or any other person.

The authorised person may conduct negotiations, obtain offers, enter into agreements, execute documents and take all steps needed to implement and complete the sale of the land.

The company’s Chief Executive Officer, Chief Financial Officer and Company Secretary have been authorised, singly or jointly, to take all necessary steps to give effect to the resolutions.

These steps include filing necessary forms and applications with the Securities and Exchange Commission of Pakistan.

The resolutions also state that any amendments, modifications, additions or deletions required, directed or advised by the SECP will be deemed incorporated without the need for fresh approval from members.