Karachi: Gulshan Spinning Mills Ltd, currently classified as a non-operational entity, continues its course under a court-sanctioned Scheme of Arrangement, with no prospects for resumption of operations in the near term. The company, which has been under the purview of this scheme as per Section 279 of the Companies Act, 2017, is conducting the sale of all its assets to settle existing liabilities.

The Scheme of Arrangement, approved by both secured creditors and shareholders in meetings chaired by a court-appointed official, is being meticulously implemented. According to information available from the Pakistan Stock Exchange (PSX), the Asset Sale Committee has initiated the disposal of the company's assets, with proceeds being distributed by the Agent Bank to secured creditors on a pari passu basis. Consequently, the company is expected to be devoid of assets once the sale process concludes.

During the quarter ending September 30, 2026, Gulshan Spinning Mills Ltd remained inactive, with no commercial production or business operations taking place. The status of the company's operations has not changed compared to the previous quarter. While the comprehensive asset liquidation is underway, no steps have been taken towards the commencement or resumption of business activities. The company, however, plans to explore strategic options for its future, contingent upon regulatory approvals and resource availability.

The ongoing asset liquidation and the lack of operational activity underscore the challenges faced by Gulshan Spinning Mills Ltd as it navigates the financial restructuring mandated by the court-approved scheme. The company's future remains uncertain, pending the completion of the liquidation process and subsequent strategic evaluations.