KARACHI: A key development has emerged as three contenders withdrew from the board elections of K-Electric.
According to details, Imran Iqbal (Independent Director), Arif Elahi (Independent Director) and Muhammad Rizwan Yaseen (Representing Minority Shareholders) have stepped down from the race.
Following their withdrawal, the election has become uncontested with the remaining 10 candidates declared elected unopposed as directors. Under the Companies Act 2017, these candidates will be deemed elected.
An Extraordinary General Meeting (EGM) of K-Electric has been convened on April 2, where the election of new directors for a three year term will be formalized.
With the number of candidates now equal to the number of board seats, the election process has effectively been completed.
The development has also been formally communicated to the Pakistan Stock Exchange Limited.
