Karachi: Indus Motor Company Limited conducted its 35th Annual General Meeting on October 3, 3024, via a physical gathering in Karachi and through video link, where several critical resolutions were approved concerning the company's financial and auditing practices for the upcoming fiscal year.

During the meeting, shareholders ratified the appointment of M/s A. F. Ferguson and Co. Chartered Accountants as the company's auditors for the fiscal year ending June 30, 2025. According to information available from the Pakistan Stock Exchange (PSX), the agreed remuneration for the audit firm is set at Rs. 4.35 million annually. This fee excludes charges related to the half-year review, other certifications, and out-of-pocket expenses. Additionally, the management is authorized to negotiate and agree on any fees for extra auditing scope prompted by guidelines from the Securities and Exchange Commission of Pakistan (SECP), corporate law, or other legal mandates.

The shareholders also adopted the audited accounts for the year ended June 30, 2024, along with the accompanying auditors' and directors' reports. These accounts and reports were formally approved as part of the ordinary business conducted during the AGM.

A significant part of the meeting centered on the approval of dividends. The final cash dividend for the fiscal year 2023-2024 was set at 430% or Rs. 43 per share, applicable to shareholders registered as of September 26, 2024. In addition, a combined interim cash dividend of 717% or Rs. 71.70 per share, already disbursed, received approval, bringing the total dividend for the fiscal year to 1,147% or Rs. 114.70 per share. Moreover, the shareholders consented to transfer Rs. 6.50 billion to the General Reserve from the profits accrued during the year.

In conclusion to the meeting, the Company Secretary was empowered to complete all necessary corporate formalities to ensure the payment of the approved dividend.