Karachi: Bolan Castings Limited, in its recent disclosure to the Pakistan Stock Exchange, announced the decisions made during the 41st Annual General Meeting held on October 28, 2023, at the company’s registered office in Balochistan.

The minutes of the previous 40th Annual General Meeting, which took place on October 25, 2022, were confirmed and adopted by the members present at the meeting. This marks a step towards ensuring transparency and continuity in the company’s annual review processes.

Furthermore, the company’s audited financial statements for the fiscal year ending June 30, 2023, were placed before the assembly. Alongside these, the Chairman's review, Directors' report, and Auditors' report were also presented. The attending members considered, received, and subsequently adopted these documents, providing their approval and endorsement.

The appointment of auditors for the upcoming financial year, ending June 30, 2024, was also a key point of discussion. M/s. A.F. Ferguson and Co., Chartered Accountants, were appointed as the company's auditors, with their fees for various auditing services delineated and agreed upon. This includes Rs.1,500,000 for the Annual Audit, Rs.300,000 for the Half Yearly Limited Scope Review, and Rs.100,000 for reporting on compliance with the Listed Companies (Code of Corporate Governance) Regulations 2019, subject to change of engagement partner.

Additionally, the meeting saw the election of seven Directors for a term of three years. The retiring Directors included Mr. Sikandar Mustafa Khan, Mr. Sohail Bashir Rana, Mr. Laeeq Uddin Ansari, Mr. Abdul Hamid Dagia, Mr. Aamir Amin, Mr. Qaiser Saleem, and Mrs. Tabassum Rana.

Through these resolutions, Bolan Castings Limited has ensured its adherence to corporate governance norms and laid down a clear plan for the upcoming financial year.