ISLAMABAD, Jan 25: The Securities and Exchange Commission of Pakistan (SECP), in exercise of its powers under the Companies Ordinance, 1984 on Thursday convened the overdue annual general meetings (AGMs) of the Haseeb Waqas Sugar Mills Ltd Company for the years 2004 and 2005.

The meetings were chaired by Rashid Malik, commissioner SECP in Lahore, said an official announcement issued here.

The company was required to hold the AGMs for the years 2004 and 2005 on or before January 31, 2005 and January 31, 2006, respectively. However, it failed to hold the meetings.

The non-holding of AGMs deprived shareholders of their statutory rights, particularly electing the board of directors of the company.

The commission in the interest of the shareholders called the AGMs and this was also directed by the Lahore High Court to move ahead with the holding of the AGMs, as envisaged by the SECP.

The agenda of the meetings included elections of directors and approval of annual accounts for the years 2004 and 2005. According to the SECP spokesman the meetings were attended by a large number of share-holders.

The election was conducted in a transparent manner and was appreciated by all participants.