Karachi: First Treet Manufacturing Modaraba, managed by Treet Holdings Limited, convened its annual review meeting on October 27, 2026, successfully passing multiple resolutions concerning its financial and operational directives for the upcoming fiscal year.
During the meeting, the minutes from the previous year's annual review were read and subsequently confirmed by the members. The assembly also approved the Annual Audited Financial Statements along with the Directors’ and Auditors’ Reports for the financial year that concluded on June 30, 2026. This endorsement marked a pivotal step in the Modaraba's fiscal assessment processes.
Furthermore, the reappointment of M/s Kreston Hyder Bhimji & Co., Chartered Accountants, as the External Auditors for the financial year ending June 30, 2027, was sanctioned. The remuneration for the auditors will be determined by the management, signifying continuity in the Modaraba's financial scrutiny and oversight.
In addressing special business, the Modaraba ratified and approved all arm's length transactions conducted with associated companies and undertakings, aligning with Section 208 of the Companies Act, 2017. The Chief Executive Officer has been authorized to approve similar transactions and to take necessary actions on behalf of the organization.
Additional resolutions empowered the Board of Directors to authorize transactions with related parties on a case-by-case basis for the fiscal year ending June 30, 2027. These transactions, once approved by the Board, will be presented for shareholder ratification in the subsequent annual meeting.
The resolutions also vested the Chief Executive Officer, Chairman of the Board, and the Chief Legal Officer and Company Secretary with the authority to execute and implement the resolutions. This includes liaising with regulatory bodies such as the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange, among others.
According to information available from the Pakistan Stock Exchange (PSX), these decisions reflect First Treet Manufacturing Modaraba’s strategic focus on maintaining robust governance and regulatory compliance.
The meeting underscored the Modaraba's commitment to operational transparency and adherence to regulatory requirements, positioning it for continued fiscal prudence and accountability in the designated market category.