Rail Holding (Private) Limited (RHL) has three subsidiary companies: Gannet Leaf Limited (GLL), which is unlisted,...

 

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Rail Holding (Private) Limited (RHL) has three subsidiary companies: Gannet Leaf Limited (GLL), which is unlisted, and Budgerigar Sea Limited (BSL) and Vulture Bird Limited (VBL), which are listed. The group compliance department has brought attention to the following matters concerning group directors: (i) Wasim Yasin, an elected director in GLL, survived a car accident on 2 March 2024, but is mentally incapacitated due to serious head injuries. (ii) Aziz Bahadur, a non-executive director in BSL, suffered a stroke in August 2023, and has not attended any board meeting since then. (iii) Faraz Ghani, a director in VBL, was granted a loan of Rs. 2 million by the board in February 2024, repayable within a period of six months. (iv) The following names are selected from the data bank of the Commission's notified entities, as potential independent directors for the upcoming May 2024 elections: Haseeb Ijaz on the board of VBL. He served as the chief executive of BSL from 2018 to 2021. Bahram Hasan on the board of VBL. He served as a director in VBL from 2013 to 2022. Daniyal Ehtisham on the board of BSL. He served as a director in BSL, nominated by a creditor, from January 2023 to February 2024. Under the provisions of the Companies Act, 2017, advise on the following: (a) Implication(s) of the matters referred in (i), (ii) and (iii) above, on the board of respective companies. (b) Suitability of each of the selected persons referred in (iv) above, to contest the upcoming elections of respective companies as an independent director. Rail Holding (Private) Limited (RHL) has three subsidiary companies: Gannet Leaf Limited (GLL), which is unlisted, and Budgerigar Sea Limited (BSL) and Vulture Bird Limited (VBL), which are listed. The group compliance department has brought attention to the following matters concerning group directors: (i) Wasim Yasin, an elected director in GLL, survived a car accident on 2 March 2024, but is mentally incapacitated due to serious head injuries. (ii) Aziz Bahadur, a non-executive director in BSL, suffered a stroke in August 2023, and has not attended any board meeting since then. (iii) Faraz Ghani, a director in VBL, was granted a loan of Rs. 2 million by the board in February 2024, repayable within a period of six months. (iv) The following names are selected from the data bank of the Commission's notified entities, as potential independent directors for the upcoming May 2024 elections: Haseeb Ijaz on the board of VBL. He served as the chief executive of BSL from 2018 to 2021. Bahram Hasan on the board of VBL. He served as a director in VBL from 2013 to 2022. Daniyal Ehtisham on the board of BSL. He served as a director in BSL, nominated by a creditor, from January 2023 to February 2024. Under the provisions of the Companies Act, 2017, advise on the following: (a) Implication(s) of the matters referred in (i), (ii) and (iii) above, on the board of respective companies. (b) Suitability of each of the selected persons referred in (iv) above, to contest the upcoming elections of respective companies as an independent director.

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