Khyber Pakhtunkhwa: Gadoon Textile Mills Limited will hold its 37th Annual General Meeting on September 26, 2024, to discuss the approval of financial statements, auditor appointments, and a series of related party transactions, according to an official notice scheduled for publication in prominent newspapers. The AGM, slated for participation both in person and via video link, follows statutory guidelines and incorporates major resolutions for the upcoming fiscal period.
The forthcoming AGM agenda includes the adoption of the company's audited financial statements for the fiscal year that ended on June 30, 2024. The members will review and consider the Chairman’s Review, Directors’ Report, and Auditors’ Report. Following the retirement of the current auditors, M/s. Yousuf Adil, Chartered Accountants, the board has recommended their reappointment for the new fiscal year, emphasizing continuity in the company’s financial oversight.
Significant attention will be directed towards Special Business, particularly related party transactions that have been conducted throughout the past year. The company seeks ratification for transactions already completed and authorization for potential future dealings amounting up to Rs. 25 billion. These transactions will encompass a wide range of operations from sales and purchases of various materials to services within affiliated entities, including Lucky Cement Limited and Lucky Motor Corporation Limited, among others.
According to information available from the Pakistan Stock Exchange (PSX), the detailed disclosures of these transactions can be found in note 38 of the company’s financial statements. These dealings are critical for the company’s operation and growth, handling essentials like yarn, polyester, cement, cloth, and electricity, reflecting a comprehensive engagement across the industrial spectrum.
The AGM will also address proposals for the upcoming year, setting a framework for related party transactions to be reviewed and approved by the board irrespective of the directors' interests. This procedural rigor aims to maintain transparency and fairness in dealings, bolstered by the oversight of the Board Audit Committee, chaired by an independent director.
This systematic approach ensures that Gadoon Textile Mills continues to operate within the boundaries of corporate governance, aiming for robust growth and sustainability. The AGM’s resolutions, once passed, will be presented for further ratification at the next annual meeting, ensuring a cyclic review and approval process that aligns with corporate and legal standards.