Karachi: The 59th Annual General Meeting (AGM) of Fazal Cloth Mills Ltd. was held on October 26, 2024. The event saw the passage of crucial resolutions pertaining to the company’s governance and financial oversight.

According to information available from the Pakistan Stock Exchange (PSX), the AGM addressed several key issues on its agenda. The first resolution approved the Annual Audited Financial Statements for the fiscal year ending June 30, 2024. These statements included comprehensive reports from the Chairman, Directors, and Auditors, which were previously endorsed by the Board of Directors.

Another significant development from the meeting was the reappointment of M/s ShineWing Hameed Chaudhri and Co., Chartered Accountants, as the auditors for Fazal Cloth Mills Ltd. for the upcoming fiscal year ending June 30, 2025. This reappointment empowers the auditors to hold office until the conclusion of the next AGM. Additionally, the Chief Executive of Fazal Cloth Mills Ltd. has been authorized to determine the remuneration for the auditors.

These resolutions have been officially adopted and are now in effect, marking a continued commitment to transparency and rigorous financial management by Fazal Cloth Mills Ltd. The company’s adherence to the stringent regulations of the Pakistan Stock Exchange underscores its dedication to upholding high standards of corporate governance and accountability.