Kasur: Hira Textile Mills Limited is set to hold its 32nd Annual General Meeting on November 20, 2024, at the company’s registered office in Kasur. The meeting, for which notices have already been sent to shareholders, will address several key issues, including the approval of transactions conducted with related parties for the fiscal year ending June 30, 2023.
According to the statement of material facts disseminated through an addendum to the notice, the Board of Directors has recommended that these related party transactions be placed before shareholders for ratification and approval. The transactions, detailed in Note 42 of the company’s financial statements, were executed at arm’s length in the normal course of business. There were no deviations from the Code of Corporate Governance guidelines in the execution of these transactions.
According to information available from the Pakistan Stock Exchange (PSX), the transactions have already been approved by the Board, following recommendations from the Audit Committee, in compliance with the Companies Act, 2017. The directors of Hira Textile Mills have declared no direct or indirect interest in the special business under discussion, other than their existing shareholding or common directorship with related parties.
The approval of these transactions is a significant agenda item for the upcoming general meeting, as it requires shareholder ratification to proceed. The directors have emphasized the importance of this approval process, ensuring that all related party transactions adhere to legal and governance standards.