July 16, 2007

Dear Shareholder,

 

INFORMATION UNDER SECTION 218

OF THE COMPANIES ORDINANCE 1984

 

We are pleased to inform you that the Board of Directors of the Company has been pleased to approve the terms of the appointment of Mr. Muhammad Saleem Rathod as the Chief Executive of the Company.

 

In pursuance of Section 218 of the Companies Ordinance 1984 we advise that the terms and condition of Mr. Muhammad Saleem Rathod’s appointment is in accordance with his existing contract of employment with the Company as approved by the Board of the Company on April 25^th, 2007 which are also approved by members of the company in EOGM held on June 29, 2007. Mr. Muhammad Saleem Rathod will be entitled to a managerial remuneration of Rupees Three Million Nine Hundred and Sixty Thousand per annum in addition he will only be entitled to Provident Fund, Gratuity, taxation  and provision of transportation and Air fair once in two years. Mr. Rathod has with the permission of the Board decided not to accept any other benefits under his employment with the Company.

 

The above remuneration shall be subject to such adjustments, bonuses and other entitlements as may be granted at any time and from time to time by the Board of Directors of the Company and / or in accordance with the policies of the Company for the time being in force.

 

 

Yours truly,

 

 

_____________________

Muhammad Amin Khatri

Company Secretary