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SHC extends interim order over disputed election of BoDs of M/s Hum Network Limited

SHC extends interim order over disputed election of BoDs of M/s Hum Network Limited

KARACHI: A single bench, comprising Justice Hassan Azhar Rizvi of the Sindh High Court (SHC) extended interim order till September 21, 2020 on different constitutional petitions filed by Haider Ali, Mahtab Akbar Rashdi, Shahid Hussain Jatoi, and Muhammad Khwar Iqbal over disputed election for board of directors of M/s HUM Network Limited.

On 16 September 2020, during the hearing, Abid Zubairi Advocate argued on behalf of Mahtab Akbar Rashdi, due to shortage of time, court adjourned the matter for September 21, 2020 and directed counsels to come prepare for their further arguments.

Earlier, court had restrained administration of M/s Hum Network Limited from recalling of its notice issued dated August 13, 2020 for unopposed elected 7 members as its boards of directors for next three years.

Earlier, petitioners Shahid Hussain Jatoi, Muhammad Khwar Iqbal informed the court through their counsels that M/s Hum Network Limited extra ordinary general meeting on July 24, 2020, which intimated that seven directors of the company are to be elected at the EOGM for a three-year period commencing on August 22, 2020.

They submitted that on pursuant to the requirement and in full compliance of the companies act, filed their nomination papers including consent to act as director, as mandated by the said act and no objection whatsoever was raised by the company or any competent authority under the law regarding their nominations.

Counsels argued that however, on August 13, 2020, to the utter shock and dismay of the plaintiffs, the company has issued a purported notice to its members intimating that out of the 15 candidates who had filed their intentions to contest the board of directors elections, 8 candidates have been purportedly found to be ineligible to contest the election as their nominations were in violation inter-alia regulation 11(1) and (3) PEMRA Regulations 2012 as representatives of foreign investors’ companies.

Citing above as respondents, petitioner pleaded the court to direct SECP to appoint an officer who has suitable experienced and is neutral person well-versed in corporate laws as a supervisor to conduct the complete election process of the company including the conduct of EOGM on August 22, 2020 and who must ensure that the BODs election are held in a free, fair, transparent and legal manner.

Another side Ms Mahtab Akbar Rashdi also filed suit and her counsel argued that she was unopposed elected as member board of directors dated August 13, 2020, however, she is apprehending recalling her name from the notice, and therefore, court may restrain M/s Hum Network Limited from recalling said notice.