Notice of General Meeting

Notice is hereby given that 24th Annual General Meeting of Millat Equipment Limited will be held at the

Registered Office of the Company at 8.8 K.M. Sheikhupura Road, Shahdara, Lahore, on Tuesday, October 27,

2016 at 04:00 P.M. to transact the following business:

A. ORDINARY BUSINESS

  1. To confirm minutes of Extra Ordinary General Meeting held on June 30, 2016.
  2. To receive, consider and adopt the audited accounts of the Company for the year ended June 30, 2016 together with the Directors’ and Auditors’ Reports thereon.
  3. To approve final cash dividend of Rs. 10.00 per share.
  4. To appoint auditors and fix their remuneration for the year ending June 30, 2017.

B. ANY OTHER BUSINESS

To transact any other business with the permission of the Chair.

BY ORDER OF THE BOARD

Lahore: Mian Muhammad Saleem

October 06, 2015 (Company Secretary)

 

NOTES

1.The share transfer books of the Company will remain closed from October 20, 2015 to October 27, 2015 (both days inclusive) and no transfer will be accepted during this period. Transfers received, complete in all respect by the close of business on October 19, 2015 will be considered in time for the purpose of payment of final cash dividend and for the purpose of attending and voting at the meeting.

2.A member entitled to attend and vote at this meeting may appoint another member as his/her proxy to attend the meeting and vote for him/her. Proxies in order to be effective must be received at the Registered Office of the Company duly stamped and signed not less than 48 hours before the meeting. A proxy must be a member of the Company.

3.Shareholders are requested to notify the change of address, if any, immediately and submit, if applicable, the CZ-50 Form (for non deduction of Zakat) to the Company at 10 K.M. Raiwind Road, Lahore. This will assist in prompt receipt of Dividend.

4.As per directive of Securities and Exchange Commission of Pakistan (SECP) contained in SRO No. 831(I) / 2012 dated July 05, 2012 read with SRO No. 19 (I) / 2014 dated January 10, 2014, the dividend warrants should bear the Computerized National Identity Card (CNIC) numbers of the registered members or the authorized person except in the case of minor(s) and corporate members. CNIC numbers of the members are, therefore, mandatory for the issuance of future dividend warrants and in the absence of such information, payment of dividend may be withheld. Therefore, the members who have not yet provided their CNICs are once again advised to provide the attested copies of their CNICs (if not already provided) to the Company.

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5.The Government of Pakistan through Finance Act, 2015 has made certain amendments in Section 150 of the Income Tax Ordinance, 2001 whereby different rates are prescribed for deduction of withholding tax on the amount of dividend paid by the companies. These rates are as follows:

(a) For filers of income tax returns 12.5%

(b) For non-filers of income tax returns 17.5%

To enable the Company to make tax deduction on the amount of cash dividend @12.5% instead of 17.5%, all the shareholders whose names are not entered into the Active Tax Payers List (ATL) provided on the website of FBR, despite the fact that they are filers, are advised to make sure that their names are entered into ATL before the date of payment of the cash dividend, otherwise tax on their cash dividend will be deducted @17.5% instead of 12.5%. For shareholders holding their shares jointly, as per the clarification issued by the Federal Board of Revenue, withholding tax will be determined separately on ‘Filer/Non-Filer’ status of principal shareholder as well as joint holder(s) based on their shareholding proportions, in case of joint accounts. Therefore all shareholders who hold shares jointly are requested to provide shareholding proportions of principal shareholder and joint holder(s) in respect of shares held by them to the Company as follows.

  Principal shareholder Joint shareholder
Company Name Folio # Total Shares Name and CNIC #

Shareholding Proportion 

(# of Shares)

Name and CNIC #

Shareholding Proportion

 (# of Shares)

The above/required information must be provided to the Company Secretary of the Company, otherwise it will be assumed that the shares are equally held by principal shareholder and joint holder(s) 

For any further query/problem/information, the investors may contact the Company Representative at

10 K.M. Raiwind Road, Lahore.

Phone: +92-42-111-200-787.

E-mail address: info@millatgears.com 

Fax: +92-42-35322714.

6.The Securities and Exchange Commission of Pakistan vide SRO 787(1)/2014 dated September 08, 2014 has allowed companies to circulate annual balance sheet, profit & loss account, auditors’ report and directors’ report along with notice of annual general meeting to its members through e-mail. Members who wish to avail this facility may give their consent to the Company Secretary.