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Callmate allowed to hold AGM on Dec 29, EGM on Jan 5

Staff Report

KARACHI: Callmate Telips Telecom Limited has announced the date of the Annual General Meeting (AGM) and would hold an Extraordinary General Meeting (EGM) in first week of next year, according to a notice issued by the company.

According to the notice the EGM of the company will be held on January 5, 2007 in which the meeting will confirm the minutes of the shareholder’s Annual General Meeting on Dec 29.

The letter issued by the regulating authority Securities and Exchange Commission of Pakistan (SECP) said that considering the fact that this is a special case in which the trading in the share of the company is suspended, the book closure in the Callmate will continue as announced.

However, the exchange is advised to ensure that the CFS outstanding open positions of the members in Callmate are not automatically released before the book closure date and are only released on the respective maturity dates of the contracts, which is twenty-two trading days. However, the CFS financee of such transactions shall have the option to release open positions on or before the maturity date of contract.

Regarding the bonus or cash dividend, the letter issued by the regulating authority said that with respect to the entitlement to the bonus of cash dividend received by the CFS financier as a result of corporate announcement by Callmate, the CFS financier shall ensure that the said benefits are transferred to the beneficial owner and CFS financee, accordingly.

Last week, the KSE Board held a meeting to discus Callmate issue, in which the board requested the SECP and company to safeguard the investors’ interest.

According to the sources, the board has taken a serious notice of delay in action by the management as the front line regulator. The board members were of the view that despite the issuance of notice by the regulating authority, removal of auditing firm and appointment of another auditing firm by the company, the KSE management did not taken any measure against the company. Even the management did not respond when the company announced its bonus.

The board members had also discussed the conditions regarding the investment stuck after the suspension of share trade in the company and its position in the Continuous Funding System (CFS).

Regarding the schedule of the meeting and audited accounts, Callmate Telips Telecom Limited had asked the Securities and Exchange Commission of Pakistan (SECP) and the management of the Karachi Stock Exchange (KSE) to allow the company to hold Annual General Meeting (AGM) with the existing auditors, Zahid Jamil and Company appointed by the decision of the majority shareholders.

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