Karachi: In its 45th Annual General Meeting held on November 27, 2024, Shadman Cotton Mills Limited passed several key resolutions, including the approval of audited financial statements and the appointment of auditors for the upcoming fiscal year. The meeting took place at the company's registered office, following the compliance of Regulation No. 5.6.9(b) of the Rule Book of the Pakistan Stock Exchange (PSX).

The members confirmed and approved the minutes of the Extraordinary General Meeting held on July 22, 2024. The company also secured approval for its audited financial statements for the fiscal year ending June 30, 2024. These documents were presented alongside the Chairperson's Review, Directors', and Auditors' Reports.

In terms of auditor appointments, M/s Mushtaq and Company, Chartered Accountants, were reappointed as auditors for the fiscal year ending June 30, 2025. The remuneration for their services was mutually agreed upon.

In addition, the members authorized the lease or rent of any vacant buildings owned by the company, as outlined in the Investment Property note of the financial statements. This move is intended to increase the company's funds inflow. The resolution empowers the Chief Executive Officer to manage the leasing or renting of these properties, ensuring decisions are made in the company's best interest. The CEO and designated representatives are authorized to undertake all necessary actions, including negotiations and document signing, to implement this resolution.

According to information available from the Pakistan Stock Exchange (PSX), these resolutions reflect the company's strategic efforts to optimize its financial and operational activities.