SECP Orders K-Electric to Hold Board Elections

The Securities and Exchange Commission of Pakistan (SECP) has instructed K-Electric to finally hold long-delayed elections for its board of directors, setting March 25, 2026, as the date for an Extraordinary General Meeting (EGM) to elect a new board, according to a formal order issued on Friday.

K-Electric has been operating without a fully reconstituted board since July 2022, after legal challenges to the previous directors’ election resulted in a court-imposed freeze on any changes to the company’s board composition. The interim stay, issued in October 2022, was repeatedly cited by the utility as the reason for postponing subsequent elections that were originally scheduled for mid-2025.

In January 2026, the relevant civil court dismissed the case following the withdrawal of the lawsuit by the plaintiff, effectively lifting the judicial restriction on fresh board elections. K-Electric disclosed this development to the Pakistan Stock Exchange.

With the legal hurdle removed, the SECP exercised its statutory authority under the Companies Act, 2017 to ensure compliance and directed K-Electric to immediately initiate the election process. The regulator also ordered the company to submit documentary evidence within the coming weeks confirming that election arrangements are actively underway.

The SECP clarified that its directive does not preclude further regulatory scrutiny into the prolonged delay in conducting board elections.

The order brings to an end more than three years of regulatory and legal uncertainty surrounding K-Electric’s corporate governance, clearing the way for the restoration of full board oversight at the Karachi-based power utility.