Bolan Castings Limited’s re-fixation of remuneration of chief executive officer

Karachi: We have to inform you that the Board of Directors in its meeting held on February 09, 2012 has revised the remuneration of Chief Executive Officer of our Company.

With regard to above, an abstract which will be sent to every member / shareholder of the Company, as per provision of Section 218 of Companies Ordinance, 1984, is attached herewith for your kind information and record.

Abstract Under Section 218 of the Companies Ordinance, 1984

Pursuant to provisions of Companies Ordinance 1984, members / shareholders are hereby informed that the Board of Directors in its meeting held on February 09, 2012 has passed the following resolutions regarding re-fixation of remuneration of Chief Executive Officer.

RESOLVED that the Board hereby approves and authorizes holding of office of profit and payment as remuneration to Chief Executive, Mr. Shahid Ahmed Hakim, not exceeding Rs.7.5 million per annum inclusive of perquisites and benefits but exclusive of retirement benefits and medical expenses for self and dependents to which lie is entitled under the terms of his appointment with the Company. The above remuneration shall be subject to such increments and adjustments, including bonus/profit share as may be granted at any time and from time to time by the Company in accordance with the Company’s policy and service rules for the time being in force.

FURTHER RESOLVED that Mr. Shahid Ahmed Hakim be and is hereby authorized for free use of Company maintained transport for official and private purposes and the Chairman be and is hereby authorized to determine his entitlement in this regard.

Mr. Shahid A. Hakim, being interested did not participate in the resolution.

For more information, Contact:
Bolan Castings Limited
F-1, S.I.T.E., Hub River Road,
Karachi – 75730 Pakistan
Tel: (0092-21)-32579819, 32579681, 32566712 -4
Fax: (0092-21)-32573558

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