20000105

Bela Engg may

pass resolution

of liquidation

in AGM on 29th

KARACHI: Bela Engineers Limited will hold its 28th Annual General Meeting (AGM) at Pakistan Institute of Management (PIM), Clifton here on January 29 at 9 a.m to confirm the minutes of the 27th Annual General Meeting held on November 30, 1998 besides other business.

According to Karachi Stock Exchange (KSE) sources, the AGM will also receive, consider and adopt the Audited Accounts of the company for the year ended June 30, 1999 together with the Directors' & Auditors' reports thereon.

It will also appoint Auditors for the year ending 30th June, 2000 and to fix their renumeration.

The auditors of the company in their report to the members have expressed doubts whether the company will be able to continue as a going concern due to the fact that the company's accumulated loss was Rs 205.807 million and its total liabilities exceeded its total assets by Rs 159.389 million as on June 30, 1999.

The Board of Directors discussed the affairs of the company in its meeting held on November 26, 1999. It was of the opinion that the company's operations are no longer viable and to continue its operations or its existence will further deteriorate the company's financial position.

The company is no longer able to continue as a 'going concern' in view of its huge accumulated losses, negative net worth of Rs 159.389 million against the paid-up capital of Rs 34.0 million and its inability to discharge its liabilities, including the decreed amount of Rs 68.6 million arising out of a decree granted by the Sindh High Court against the Company in favour of the Habib Bank Limited and the United Bank Limited.

As such the Board has recommended to consider Company's liquidation and proposed to pass the following resolution for winding up/liquidation of the Company with or without any modification.

The share transfer book of the Company will remain closed from January 21, 2000 to January 28, 2000 (both days inclusive). A member entitle to attend and vote at the meeting may appoint another member as his/her provy to attend and vote for him/her proxies, in order to be effective must be received by the Company not less than 48 hours before the meeting, stated in a notice to the members.

The Company has requested the shareholders to immediately notify the company of any change in their address.ÑAPP