S.R.O. 1298(I)/2008, dated 30th December, 2008

SROS: S.R.O. 1298(I)/2008, dated 30th December, 2008 EXEMPTION OF MANAGEMENT AGREEMENT EXECUTED BETWEEN M/S. NIAZ ARBAAZ(PRIVATE) LIMITED AND M/S. LUXURY HOTELS INTERNATIONAL MANAGEMENT COMPANY B.V, FROM THE OPERATION OF SECTION Z06(l) OFCOMPANIES ORDINANCE, 1984, SUBJECT TO CERTAIN CONDITIONS Notification No. S.R.O. 1298(I)/2008, dated 30th December, 2008.-In exercise of the powers conferred under section 501 read with section 206(2) of the Companies Ordinance, 1984(the Ordinance) and clause(c) of section 43 read with section 20(0) and item 13 of the Schedule of the Securities and Exchange Commission of Pakistan Act, 1997(the Act) and notifications No, S.R,O. 971(I)/2006, dated 11th September, 2006, the Registrar of Companies is pleased to exempt the Management Agreement dated October, 31, 2008. (the Agreement) executed between M/s. Niaz Arbaaz(Private) Limited, a company incorporated in Pakistan under the provisions of the Ordinance(the Owner) and M/s. Luxury Hotels International Management Company B.V, a company incorporated under the laws of Netherland(the Manager) from the operation of Section 206(l) of the Ordinance, subject to following conditions:-- 1. The parties to the Agreement shall amend clause 40(B) of the agreement to the effect that the period of 90 days for providing the annual operating statement by the managers to ` the company shall be changed to as 60 days to enable the company to get the accounts audited and presented in the Annual General Meeting Within the…