Kohat: Janana De Malucho Textile Mills Limited has officially passed and adopted resolutions during its Annual General Meeting (AGM) held on October 26, 2024, at the company's registered office in Kohat. The AGM, which is a crucial event for the company's shareholders, saw the confirmation of minutes from the previous year's meeting and the adoption of financial statements for the year ended June 30, 2024.
According to information available from the Pakistan Stock Exchange (PSX), the shareholders approved the audited financial statements along with the Chairman's Review Report and the Directors' and Auditors' reports. These documents were previously endorsed by the Board of Directors.
In addition to routine annual approvals, the AGM marked a significant change in the company’s audit functions. ShineWing Hameed Chaudhri and Co. Chartered Accountants were appointed as the new auditors of the company. They will hold office from the conclusion of this meeting until the next AGM, with their remuneration to be determined by the Board of Directors.
The meeting also addressed special business transactions with associated companies and related parties for the fiscal year ended June 30, 2024. These transactions were ratified and approved as disclosed in note 44 of the Financial Statements. Furthermore, the Chief Executive Officer and the Chief Financial Officer have been jointly authorized to manage and approve business transactions with related parties for the upcoming fiscal year ending June 30, 2025.
The resolutions adopted at the AGM also include provisions for the Chief Executive Officer and the Company Secretary to handle all necessary legal and corporate formalities associated with these resolutions. They are also empowered to make any further modifications or corrections as may be pointed out by the Securities and Exchange Commission of Pakistan.
This certified extract of the resolutions was submitted for circulation among the TRE certificate holders of the Exchange, ensuring transparency and compliance with corporate governance standards.