Karachi: In a significant development for the textile sector, Gul Ahmed Textile Mills Limited convened its Annual General Meeting (AGM) on Tuesday, October 27, 2026, at Indus Suits, Avari Towers, Fatima Jinnah Road, Karachi. The meeting was also accessible via video link, allowing broader participation. During the AGM, several key resolutions were adopted, reflecting the company's ongoing strategic initiatives and compliance with corporate governance norms.
The meeting commenced with the approval of the audited financial statements for the fiscal year ending June 30, 2026. The statement of financial position, along with the related profit and loss account, comprehensive income, cash flow, and changes in equity statements, received unanimous approval from the shareholders. These financial documents were accompanied by the auditors' and directors' reports, providing a comprehensive overview of the company's financial health.
Another significant resolution passed during the AGM was the appointment of auditors for the upcoming financial year. Yousuf Adil, Chartered Accountants, were appointed to audit Gul Ahmed Textile Mills' financial statements for the year ending June 30, 2027. The chairman or chief executive has been authorized to determine the auditors' remuneration.
Furthermore, the AGM addressed special business items concerning transactions with related parties. According to information available from the Pakistan Stock Exchange (PSX), the shareholders ratified and approved transactions carried out on an arm's length basis with related parties as disclosed in Note No.42 for the year ended June 30, 2026. The board of directors has also been authorized to approve similar transactions for the financial year ending June 30, 2027, with an assurance that these transactions will be presented to shareholders at the next AGM for formal ratification.
These resolutions underscore Gul Ahmed Textile Mills' commitment to transparency and adherence to regulatory requirements, as the company navigates the challenges and opportunities in the textile market.