Karachi: Metropolitan Steel Corporation Limited announced several key resolutions during its 69th Annual General Meeting, including the approval of financial statements for the year ending June 30, 2024, and the appointment of auditors for the upcoming fiscal year. The meeting, held on October 25, 2024, confirmed last year's minutes and approved significant financial measures.

The company's shareholders resolved to adopt the Director's report and the audited financial statements, including the balance sheet, profit and loss accounts, statement of changes in equity, and cash flow statement for the year ending June 30, 2024. These documents were certified by the company's auditors and signed by the Chief Executive and a Director.

Additionally, M/s. Reanada Haroon Zakaria and Company Chartered Accountants were appointed as the auditors for the fiscal year ending June 30, 2025. Their remuneration is to be determined by the directors and the Chief Executive. According to information available from the Pakistan Stock Exchange (PSX), this move aligns with the company's ongoing commitment to maintaining transparent and thorough financial oversight.

A notable decision made during the meeting was the authorization of a loan of 25 million to the company's Chairman and Director, Mahmood Ali Mehkri. This loan will be provided in one or more tranches over a period of two years, pending all necessary regulatory approvals. The board of directors, who are not interested in this transaction, recommended this decision.

Furthermore, the board resolved to increase the CEO's remuneration to up to Rs. 500,000 per month, effective from July 1, 2024, excluding any additional perquisites.

These resolutions signify Metropolitan Steel's strategic financial planning and commitment to corporate governance as the company navigates the upcoming fiscal year.