Karachi: The Registrar of Modaraba Companies and Modarabas has approved the appointment of Mr. Ghulam Rasool as an Independent Director of Crescent Modaraba Management Company Limited, which manages First Elite Capital Modaraba. This decision comes following the resignation of Mrs. Rukhsana Javed Amin from her directorial position. The approval was communicated through a letter numbered SC/M/RS/CMMCL/10/2024/51, and received by the management on October 25, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the appointment of Mr. Rasool is set to bring changes in the governance structure of the management company. This development follows a previous letter dated October 8, 2024, indicating pending changes in the board of directors.

Mr. Rasool's appointment as an Independent Director is expected to align with regulatory frameworks and enhance the oversight and strategic guidance provided to First Elite Capital Modaraba. The management of Crescent Modaraba Management Company Limited views this change as a step towards bolstering their corporate governance practices.