May 31, 2021 (MLN): The shareholders of Service Fabric Limited in an extraordinary general meeting held on May 29, 2021 have approved to change the name of the Company from Service Fabrics Limited to G3 Technologies Limited subject to approval of the SECP or Registrar of the Companies.
Accordingly, the existing object clause under Clause III of the Memorandum of Association of the Company regarding principal line of business has been replaced with the following clause:
“The principal line of business of the company shall be to establish and run technological projects, products, related know-how and research & development and to invest directly and indirectly in the manufacturing, trade, import, export and related consultancy and to provide infrastructural projects subject to permission of relevant authorities.”
In addition to it, the shareholders also approved to increase the Authorized Share Capital of the company from Rs160mn Rs2.5bn.
Moving on, shareholders further approved the Revival Business Plan of the company for presentation to the Securities and Exchange Commission of Pakistan and the Honorable Lahore High Court, Lahore for their approval and there after implementation by the Company.
Shareholders further resolved that approval is hereby accorded for enter into irrevocable Voting Trust Agreement with a trust company named Digital Custodian Limited and/or with any other company as may be decided by management of the Company.
Furthermore, it was also resolved that aforesaid Revival Business Plan and irrevocable Voting Trust Agreement shall be subject to any amendment, modification, addition or deletion as may be deemed appropriate by the authorized person or may be suggested, directed and advised by the Securities and Exchange Commission of Pakistan and/or the Honorable Lahore High Court, Lahore which suggestion, direction and advise shall be deemed to have been approved as part of the passed Ordinary Resolution without the need of members to pass a fresh Ordinary Resolution.
Company’s shareholders further resolved that Chief Executive and Company Secretary be and are hereby singly authorized to do all acts, deeds and things and take all steps and necessary actions ancillary and incidental including the filing of requisite documents and returns as may be required with the Registrar of Companies, Securities and Exchange Commission of Pakistan and complying with all other regulatory requirements to effectuate and implement the said regulations.
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