Lahore: Nishat (Chunian) Limited has announced a series of resolutions following an Extraordinary General Meeting (EOGM) held on June 29, 2026. During the meeting, the company resolved to proceed with the voluntary winding-up of its wholly-owned subsidiary, Nishat Chunian Properties (Private) Limited, under the Companies Act, 2017.
The decision, as recorded in the company's official documentation, was made in accordance with various provisions of the Companies Act, 2017, including sections 347(b), 183(3)(b), and 199. The winding-up process requires requisite approval from the members of Nishat (Chunian) Limited for it to proceed.
The meeting also sanctioned the disposal and sale of a specific parcel of land owned by the subsidiary. The land, described as 08 Kanals - 07 Marlas- 155 Sq. Ft. of freehold land, is situated at Block-K, Gulberg-II, Lahore. The board of directors has been empowered to finalize the sale under terms and conditions deemed favorable to the company and its shareholders, aiming to secure the best available market price.
Additionally, the board of directors has been granted the authority to delegate responsibilities related to the land sale to the Chief Executive Officer or other designated individuals. The delegated powers include conducting negotiations, obtaining offers, entering into agreements, executing necessary documents, and performing all required actions to complete the sale.
The company’s authorized officers, including the Chief Executive Officer, Chief Financial Officer, and Company Secretary, have been empowered to undertake all necessary steps and filings with the Securities and Exchange Commission of Pakistan to implement these resolutions effectively. Any amendments or modifications advised by the SECP will be incorporated into the resolutions without needing further member approval.
According to information available from the Pakistan Stock Exchange (PSX), Nishat (Chunian) Limited operates within the designated market category of textiles, which includes companies primarily engaged in the manufacturing and distribution of textile products. The resolutions passed in the meeting reflect strategic decisions aimed at optimizing the company's asset management and shareholder value.