6.3 |
OVERDUE LOANS |
|
The above companies have no overdues payable to any bank or
financial |
|
institution. |
6.4 |
CHIEF EXECUTIVE |
|
Ali Mahmood. Mr. Ali Mahmood is a lawyer by education. He has
|
| |
considerable
experience in various development projects throughout the world,
including, in the United Arab Emirates, a diesel power station
at AI-Ain and
the Hotel Intercontinental Abu Dhabi. Mr. Mahmood has held office
as a
governing member of the Karachi Chamber of Commerce and Industry
in the
years 1972-73 and also served as a Senator in the Pakistan Senate
in the
year 1976 till the Assemblies were dissolved. Mr. Ali Mahmood
is drawing a
salary of Rs.116,000/- per month with usual company benefits.
No
compensation is payable to the Chief Executive for the loss
of office. |
6.5 |
COMPANY SECRETARY |
| |
Syed Akbar Kazim. Syed Akbar Kazim, possesses degrees in business
|
| |
administration from Pakistan, and USA. He has had several years
of experience in corporate and project finance with Citibank
before joining the group as Director Finance. He is also the
Company Secretary. He is not being paid any remuneration by
the Company for acting as Secretary and no compensation is payable
to the Secretary for the loss of his office. |
6.6 |
NUMBER OF DIRECTORS |
| |
Pursuant to Section 178 of the Companies Ordinance, 1984, the
number of |
| |
Directors
of the Company shall not be less than seven. |
6.7 |
QUALIFICATION OF DIRECTORS |
| |
Save as provided in Section 187 of the Companies Ordinance,
1984 no |
| |
person
shall be appoint- ed as a Director unless he is a member of
the Company. |
6.8 |
INTEREST OF DIRECTORS |
| |
All the Directors may be deemed to be interested to the extent
of fee, if any, |
| |
payable
to them for attending the board meetings.
The Directors may also be regarded as interested in the shares
that may be held by them or by the companies in which they are
directors and interested in the dividends to be declared on
the shareholding of that company.
The Directors performing whole time service to the Company may
also be deemed to be interested in the remuneration payable
to them by the company. The directors may also be regarded to
be interested to the extent of loans advanced to the company
from time to time by them and by the companies in which they
are directors. |
6.9 |
INTEREST OF DIRECTORS IN PROPERTY ACQUIRED BY THE |
| |
COMPANY |
| |
None of the Directors of the Company had or have any direct
interest in any
|
| |
property
acquired or now proposed to be acquired by the Company. |
6.10 |
BENEFITS TO PROMOTERS AND OFFICERS |
| |
No benefit has been given to the officers of the company otherwise
than |
| |
remuneration
for ser- vices rendered as whole time executives of the company. |
6.11 |
ELECTION OF DIRECTORS |
| |
The present directors (except Mr. Mohammad Munawar of NDFC)
of the |
| |
Company
were re- elected with effect from 31 December 1995 for a period
of three years at the first Annual General Meeting. |
6.12 |
VOTING RIGHTS |
| |
On a show of hand every member present in person shall have
one vote |
| |
except
for election of Directors in which case the provisions of Section
178 of the Companies Ordinance, 1984 shall apply. On a poll
every member present in person or by proxy shall have voting
rights as laid down in Section 160 of the Companies Ordinance,
1984. |
6.13 |
BORROWING POWERS |
| |
The Board may exercise all the powers of the Company to borrow
money |
| |
and
to mortgage or change its undertaking, property and assets (both
present and future), and to issue debentures, debenture stock,
TFCs and other securities whether outright or collateral security
for any debt, liability or obligation of the Company as provided
for in the Article of Association of the Company. |