78 APPOINTMENT ELECTION OF DIRECTORS The Directors shall comply with the

78 appointment election of directors the directors

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7.8 APPOINTMENT/ ELECTION OF DIRECTORS The Directors shall comply with the provisions of Sections 174 to 178, 180, and 184 of the Ordinance, relating to the election of Directors and matters ancillary thereto. The present Directors of the Company were duly elected on 28th March 2013 for a term of three years. 7.9 BENEFITS OF PROMOTERS AND OFFICERS DURING THE LAST TWO YEARS No amount or benefit has been paid or given within the last two years or is intended to be given to any promoter/ or officer of the Company otherwise than as remuneration for services rendered as fulltime executives of the Company.
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Page 71 of 94 7.10 REMUNERATION OF THE DIRECTORS The remuneration to be paid to the Directors for attending the meetings of the Directors or a committee of Directors shall be determined by the Board from time to time. Any Director appointed to any executive office including for the purpose of Article 61 of the Articles of Association of the Company the office of Chief Executive or Chairman, or to serve in any Committee or to devote special attention to the business of the Company or who otherwise performs extra services, which in the opinion of the Directors are outside the scope of the ordinary duties of the Directors, may be paid such extra remuneration by way of salary, fees, percentage of profits or otherwise as shall from time to time be determined by the Board of Directors. 7.11 INTEREST OF DIRECTORS IN THE COMPANY The directors may be deemed to be interested to the extent of fees payable to them for attending Board meetings. The directors performing whole time service to the Company may also be deemed interested in the remuneration payable to them from the Company. The directors may also be deemed to be interested, to the extent of any shares held by each of them in the Company and the dividends to be declared on their shareholding in the Company. 7.12 INTEREST OF DIRECTORS IN PROPERTY ACQUIRED BY THE COMPANY None of the Directors of the Company had or have any interest in any property acquired by the Company within the last two years or now proposed to be acquired by the Company. 7.13 VOTING RIGHTS The rights and privileges, including voting rights, attached to the ordinary shares of the Company are equal. 7.14 AUDIT COMMITTEE/CONSTRUCTION OF AUDIT COMMITTEE An Audit Committee of the Board has been formed to comply with the Code of Corporate Governance, which comprises of non - executive directors i.e. Mr. Javed Akbar Mr. Abdul Samad Dawood Mr. Shabbir Hashmi The audit committee meetings are held on a quarterly basis, as per provisions of the Code of Corporate Governance. The Committee has its terms of reference which were determined by the Board of Directors in accordance with the guidelines provided in the Listing Regulations.
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