Karachi: Jubilee Spinning Weaving Mills Ltd. held a reconvened shareholder meeting on November 11, 2024, where resolutions regarding financial statements approval, auditor appointments, and office relocation were discussed. Significant resolutions were passed, while others faced disapproval from the shareholders.

During the meeting, shareholders approved the audited financial statements for the fiscal year ending June 30, 2024, alongside the Directors' and Auditors' reports. The resolution saw 11,141,686 votes in favor through physical and proxy voting, while 16,455,396 votes were cast against it via e-voting and physical voting.

The meeting also addressed the appointment of auditors. M/s. Riaz Ahmed and Co. were re-appointed as auditors for the upcoming fiscal year, receiving 11,141,686 approving votes. However, a larger vote count of 16,455,396 disapproved their re-appointment. Conversely, M/s. Junaidy Shoaib Asad, Chartered Accountants, were approved by a majority, with 16,455,486 votes in favor, and 11,141,686 votes against.

According to information available from the Pakistan Stock Exchange (PSX), the shareholders also discussed a resolution to shift the company's registered office from Lahore to Karachi, complying with the Companies Act, 2017. This resolution was disapproved, with 16,455,486 votes against and 11,141,686 votes in favor.

The meeting concluded with the authorization of Mr. Shams Rafi, the Chief Executive Officer, to determine the remuneration of external auditors based on board recommendations. The shareholders' decisions highlight key strategic directions for the company in its upcoming fiscal year.