Faisalabad: Shareholders of J.K. Spinning Mills Limited convened at the company's 38th Annual General Meeting on October 28, 2024, at the head office located in Faisalabad, where several crucial resolutions were adopted impacting the company’s governance and financial management.

The first resolution confirmed and approved the minutes from the previous annual meeting held on October 27, 2023. Subsequently, the second resolution passed involved the acceptance and approval of the audited financial statements for the fiscal year ended June 30, 2024, including reports from the Chairman, Directors, and Auditors.

According to information available from the Pakistan Stock Exchange (PSX), a significant resolution was the appointment of M/S Riaz Ahmad and Company as the external auditors for the fiscal year 2024-25. The terms and conditions of this appointment are to be finalized by the Chief Executive Officer.

The fourth resolution addressed previous transactions with related parties, as disclosed in Note 40 of the financial statements for the year ended June 30, 2024. These transactions were ratified, approved, and confirmed by the shareholders.

The fifth and final resolution granted the Board of Directors the authority to approve future transactions with related parties on a case-by-case basis for the financial year ending June 30, 2025. These transactions will be retrospectively placed before the shareholders at the next annual meeting for formal ratification and approval.

These resolutions reflect the company’s commitment to robust governance practices and transparent financial management as it continues to navigate the complexities of the textile industry.