Election of Directors


Notice of Election of Directors

ISL –Revised Articles of Association 2019 Download

The election of Directors of the International Steels Limited is scheduled at the 12th AGM of the Company on September 25, 2019 at 11.00 a.m. The Notice of AGM has already been communicated to the shareholders of the Company and in addition, published in the dailies Business Recorder & Nawa-e-Waqt, disseminated to the Pakistan Stock Exchange Ltd. and Securities & Exchange Commission of Pakistan on September 3, 2019.

The item 3 of the agenda for the 12th AGM is to To elect 11 Directors for a period of next 3 years
As required U/s 159(1), the Board has fixed the number of Directors to be elected as Eleven (11).

Following are the retiring directors:

  • Mr. Kemal Shoaib
  • Mr. Towfiq H. Chinoy
  • Mr.Mustapha A. Chinoy
  • Mr. Kamal A. Chinoy
  • Mr.Tariq Iqbal Khan
  • Syed Salim Raza
  • Mr. Kamran Y. Mirza
  • Mr. Kazuteru Mihara
  • Mr. Riyaz T. Chinoy
  • Mr. Samir M. Chinoy

Statement Material Facts

Under Section 166(3) of the Companies Act, 2017 Ordinary Business Item 3 – Election of Directors

The term of office of the existing board of directors of the Company will expire on 25th September, 2019. In terms of Section 159(1) of the Companies Act, 2017, the directors have fixed the number of directors at 11 to be elected at the 12th annual general meeting for a period of three years commencing from the conclusion of the 12th AGM.

Any person who seeks to contest the election of directors shall, whether he is a retiring director or otherwise, file with the Company at its Registered Office, 101 Beaumont Plaza, 10 Beaumont Road, Karachi - 75530, not later than fourteen days before the date of the meeting, the following documents:

(i) Notice of his/her intention to offer himself/herself for election of directors in terms of Section 159(3) of the Act, together with the consent to act as a director in Form 28 prescribed under the Companies Act, 2017;

(ii) A detailed profile along with mailing address and other contact details as required under SECP’s SRO 634 (I)/2014 dated 10 July 2014;

(iii) A candidate consenting for the election as director must be a member of the Company at the time of filing of his/her consent except a person representing a member, which is not a natural person.

(iv) A declaration confirming that:

1) He/she is aware of his/her duties and powers under the relevant laws, Memorandum & Articles of Association of the Company and listing regulations of the Pakistan Stock Exchange;

2) He/she is not ineligible to become a director of a listed company under any provisions of the Act, the Listed Companies (Code of Corporate Governance) Regulations, 2017 and any other applicable law, rules and regulations.

Independent Directors will be elected through the process of election of directors in terms of Section 159 of the Act and they shall meet the criteria laid down under Section 166(2) of the Act.