Karachi, Data Textiles Limited has announced that a meeting of its Board of Directors will be held on May 29, 2023, at the company's registered office. The primary agenda of the meeting is to discuss and resolve the dissolution of the company, in accordance with the Lahore High Court's order dated April 26, 2023, without winding up.
The decision to dissolve the company without winding up follows the court order, indicating a significant development for Data Textiles Limited. The Board of Directors will convene to deliberate on the required steps and procedures for implementing the dissolution process in compliance with the court's directives.
To facilitate the smooth execution of the dissolution proceedings, Data Textiles Limited has declared a closed period from May 24, 2023, to May 29, 2023, inclusive. This closed period, in accordance with Rule 5.6.4 of the rulebook of the Pakistan Stock Exchange Limited, prohibits any directors, CEO, or executives of the company from dealing, directly or indirectly, in the shares of the company during this timeframe.