Mian WAQAR UD DIN vs UNITED INDUSTRIES LIMITED Ss — 2026 PLD 226 LAHORE-HIGH-COURT-LAHORE

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Mian WAQAR UD DIN VS UNITED INDUSTRIES LIMITED Ss.131 & 132---Statutory meeting---Mandatory compliance---Holding of Annual General Meeting (AGM), obligation of---Statutory timeframe---Failure to hold AGM---Consequences---Extraordinary General Meeting (EGM), resort to---Mechanism---Board's power to convene EGM---Scope---Every public company having a share capital is obligated to hold a general meeting of members of the company within a period of one hundred and eighty days from the date of which the company is entitled to commence business or within nine months from the date of its incorporation whichever is earlier---This shall be called a statutory meeting---Section 132 is about annual general meetings of a company and provides that every company shall hold an annual general meeting within sixteen months from the date of its incorporation and thereafter once in every calendar year within a period of one hundred and twenty days following the close of its financial year---Thus, by the tenor of S.132 every company is obliged under the law to hold an annual general meeting once in every calendar year within a period of one hundred and twenty days following the close of its financial year---Time for holding an AGM cannot be extended beyond a period of thirty days from the original one hundred and twenty days provided by law---That period has come to pass in respect of financial years till 2024---It was under these circumstances that the respondents resorted to calling of extraordinary general meeting as contemplated by S.133---A reading of S.133 indubitably leads to the conclusion that all meetings of the members of the company shall be referred as general meetings of a company---Further, all general meetings of a company other than the annual general meeting referred in S.132 and statutory meeting mentioned in S.131 shall be called extra ordinary general meetings for the precise reason that an EGM is held under special circumstances and by subsection (2) the Board may at any time call an extraordinary general meeting of the company to consider any matter which requires approval of the company in a general meeting---Doubtless, subsection (2) of S.133 confers power on the Board to call an EGM and any matter may be considered in an EGM which requires the approval of a company in a general meeting.

Mian WAQAR UD DIN vs UNITED INDUSTRIES LIMITED Ss — 2026 PLD 226 LAHORE-HIGH-COURT-LAHORE

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