Faisalabad: J.K. Spinning Mills Limited is set to hold its 38th Annual General Meeting (AGM) on October 28, 2024, which will be conducted both in Faisalabad and through a video link, according to the official notice released by the company.

The agenda for the meeting includes the confirmation of the minutes from the previous, 37th AGM held on October 27, 2023. Members will also receive, consider, and adopt the annual audited accounts for the year ended June 30, 2024, alongside the reports of the directors and auditors. According to information available from the Pakistan Stock Exchange (PSX), the financial statements have been made accessible on the company’s website since March 21, 2023, following the regulations outlined in Section 223(7) of the Companies Act, 2017 and S.R.O No.389(I)/2023.

Furthermore, the meeting will see the reappointment of the company’s current auditors, M/s Riaz Ahmad and Company, Chartered Accountants, for the fiscal year 2024-2025, and the adjustment of their remuneration.

In terms of special business, the AGM will address the ratification and approval of transactions conducted with related parties for the year ended June 30, 2024. The board of directors will also seek authorization to approve future transactions and for the sale and purchase of goods/services with J.K. Tech (Pvt.) Limited for up to Rs. 200 million, J.K. Agriculture Farms (Pvt.) Limited up to Rs. 100 million, and Fine Fabrics (Pvt.) Limited up to Rs. 350 million for the fiscal year ending June 30, 2025. These actions will require passing a special resolution which may be modified as necessary.

The meeting will conclude with any additional business that may arise, subject to the approval of the Chair.