Karachi: The 37th Annual General Meeting (AGM) of Gadoon Textile Mills Limited, which took place on September 26, 2024, concluded with the approval of the annual audited financial statements for the fiscal year ending June 30, 2024. The AGM, held at the company's registered office and accessible via video link, brought together shareholders to deliberate and pass various resolutions outlined in the meeting's agenda.
The shareholders at the AGM ratified the financial results of the company, which were presented along with the Chairman's Review, Directors', and Auditors' Reports for the year concluded. According to information available from the Pakistan Stock Exchange (PSX), the approval solidifies the financial disclosures of the company and marks a continued adherence to corporate governance standards.
In another significant move, the assembly appointed M/s. Yousuf Adil, Chartered Accountants, as the auditors for the fiscal year ending June 30, 2025. This decision underlines the company’s commitment to maintaining rigorous financial scrutiny and transparency in its operations.
Special business conducted during the AGM included the ratification and confirmation of transactions with related parties as detailed in note 38 of the financial statements. The shareholders authorized transactions up to a total of Rs. 25 billion with various related parties for the purchase and sale of diverse commodities and services, including yarn, polyester, cement, and textiles, for the next financial year.
The resolution also provided advance authorization for the Board of Directors to review and approve all related party transactions during the upcoming year, regardless of board composition. This preemptive approval aims to streamline operations and ensure compliance with the Companies Act, 2017.
These decisions are set to be revisited and ratified in the next AGM, ensuring ongoing oversight and transparency in the company's dealings. The resolutions passed at this AGM reflect a comprehensive approach to governance and operational management at Gadoon Textile Mills, as it navigates another fiscal period.