Karachi: Gulistan Textile Mills Ltd., a non-operational entity, remains engaged in a comprehensive asset liquidation process as part of a court-sanctioned Scheme of Arrangement, according to a progress report issued on October 14, 2026. The scheme, approved under Section 279 of the Companies Act, 2017, is aimed at settling the company's existing liabilities by selling all its assets.

The High Court of Sindh at Karachi sanctioned the scheme following approval from secured creditors and shareholders in meetings overseen by a court-appointed chairman. Under this arrangement, the Asset Sale Committee is managing the sale of the company's assets, with the proceeds being distributed on a pari passu basis by the Agent Bank to the secured creditors.

According to information available from the Pakistan Stock Exchange (PSX), Gulistan Textile Mills Ltd. has not resumed any commercial production or business operations during the quarter ending September 30, 2026. The company remains non-operational, with no significant changes in its operational status compared to previous reports.

Despite the ongoing asset liquidation, no measures have been implemented for the recommencement of business activities. Future strategic options will be considered, pending regulatory approvals and resource availability, as the company evaluates potential paths forward. The designated market category for the company remains unchanged as the asset sale progresses.