Karachi: Janana De Malucho Textile Mills Limited has reported the departure of Mrs. Zenab Adnan Aurangzeb from her role as a director of the company, effective from September 23, 2024. Mrs. Aurangzeb's resignation follows her failure to attend three consecutive board meetings without requesting leave, a violation of section 171(1)(b) of the Companies Act, 2017.
According to information available from the Pakistan Stock Exchange (PSX), the vacancy left by Mrs. Aurangzeb will be addressed within the legally required timeframe. The company has notified the TRE Certificate Holders of the Exchange to ensure all stakeholders are informed of this change in leadership.
The board's decision to fill the vacancy promptly is expected to maintain the steady governance and operational oversight of the company. This change comes at a critical time when corporate compliance and robust leadership are pivotal for maintaining investor confidence in the volatile textile market.