Peshawar: Gadoon Textile Mills Limited has released its postal ballot papers for upcoming shareholder votes, as mandated by the Companies (Postal Ballot) Regulations, 2018. The ballots were published on September 19, 2024, in the "Business Recorder" and "Dunya" newspapers, aimed at informing the certificate holders of the Pakistan Stock Exchange about the poll scheduled for the Annual General Meeting on September 26, 2024.

The ballot process allows shareholders to vote through postal mail or during the meeting, which will be held in Khyber Pakhtunkhwa and accessible via video conferencing. Shareholders are to send their completed ballots to the Chairman at the email provided: [email protected]. The agenda primarily covers approval and ratification of related party transactions disclosed in the company’s latest financial statements for the year ending June 30, 2024.

According to information available from the Pakistan Stock Exchange (PSX), Gadoon Textile Mills has detailed in their financial disclosures that transactions worth up to Rs. 25 billion may be conducted with various related parties throughout the fiscal year ending June 30, 2025. These transactions include buying and selling goods like yarn, polyester, and cement, among others, as well as availing or providing services.

The resolutions put forth in the ballot authorize the Board of Directors to manage these transactions without prior notice during the year, ensuring that any potential conflicts of interest involving directors are duly noted and authorized by shareholders in advance. Subsequently, these transactions will be presented for ratification at the next Annual General Meeting.

Shareholders are encouraged to participate in the voting process, providing their consent or dissent for the proposed resolutions via the ballot system provided.