Karachi: Reliance Weaving Mills Limited has announced a series of special business transactions set to be discussed in the upcoming Annual General Meeting (AGM) of the company’s shareholders. Scheduled for October 28, 2024, in Multan, these transactions are detailed under Section 134(3) of the Companies Act, 2017, focusing on material facts related to the company's operational and strategic initiatives. According to information available from the Pakistan Stock Exchange (PSX), these include related party transactions approved by the company’s Audit Committee.
These transactions have been framed within the legal boundaries set by the Companies Act, which demands quarterly reviews and approvals by the board based on the stringent audit requirements and ethical compliance guidelines. Specifically, the company has disclosed related party transactions carried out in the fiscal year ending June 30, 2024. These transactions were executed according to an arm’s length basis, ensuring no conflict of interest and adhering to corporate governance standards. This adherence includes no direct or indirect interest of the directors and their relatives except to the extent of their shareholding or common directorship with related parties.
Furthermore, in a policy update for the fiscal year ending June 30, 2025, the company intends to continue these transactions under the existing policy framework. The scope and nature of these transactions will be ratified by shareholders in the upcoming AGM, where detailed governance practices and operational transparency are set to be emphasized. Additionally, the company has highlighted no direct director interest in the associated companies as of the report dated December 06, 2017, ensuring a transparent and fair approach to all corporate dealings.
Reliance Weaving Mills Limited, as part of the Fatima Group, remains committed to stringent compliance with corporate governance norms, ensuring the integrity and transparency of its financial and operational dealings are maintained at all times.