Lahore: Shahzad Textile Mills Limited has officially announced the convening of its 47th Annual General Meeting (AGM), scheduled to take place on October 28, 2025, at 2:30 p.m. The meeting will be held at the company’s registered office located at Tricon Corporate Center, Lahore, with provisions for virtual attendance via video link. The AGM aims to address both ordinary and special business agendas pivotal to the company’s governance and operational strategies.
The shareholders will be presented with the Annual Audited Financial Statements for the fiscal year ending June 30, 2025. This includes the Directors’ and Auditors’ Reports, alongside the Chairman’s Review Report. The financial statements and accompanying documents have been made accessible on the company’s official website, allowing shareholders to review them prior to the meeting. Additionally, the reappointment of M/s Crowe Hussain Chaudhry & Co. as the company’s auditors is on the agenda, following recommendations from both the Audit Committee and the Board of Directors.
A crucial part of the special business to be discussed involves the ratification and approval of transactions carried out with related parties during the previous financial year. These transactions were conducted under the authority of a special resolution passed at the previous AGM on October 28, 2024. The proposal also includes authorizing the Chief Executive to approve future transactions with related parties up to the next AGM, ensuring compliance with internal governance policies and regulations.
The proposed agenda further includes the consideration of asset disposal options, either to related or unrelated parties. Shareholders will deliberate on passing the necessary special resolutions to facilitate this process. In preparation for the AGM, the company has announced the closure of its Share Transfer Books from October 21 to October 28, 2025, ensuring that transfers received by October 20, 2025, are processed in time for the meeting.
According to information available from the Pakistan Stock Exchange (PSX), Shahzad Textile Mills Limited’s announcement is set against a backdrop of various operational and strategic decisions. These include tax deduction policies where filers are subjected to a 15.0% rate, whereas non-filers face a 30.0% rate. The differentiation is based on the Active Taxpayers List from the Federal Board of Revenue, with exemptions and reduced rates applicable upon submission of valid documentation.
Shareholders are urged to provide up-to-date CNIC/IBAN details to ensure electronic dividend payments as mandated by the Companies Act, 2017. The company also emphasizes compliance with the requirement to replace physical shares with book-entry form in alignment with the Companies Act, 2017, as trading physical shares is not permitted under current stock exchange regulations.
Furthermore, the company has arranged for a scrutinizer, M/s Abdul Rehman & Company, to oversee the voting process at the AGM, ensuring a transparent and independent evaluation of the proceedings, especially concerning special business transactions. The scrutinizer has extensive experience in this role, which aligns with the regulatory framework for postal ballots.
The company has made provisions for e-voting and postal ballot options, allowing shareholders to participate in decision-making irrespective of their physical presence at the meeting. This initiative reflects the company’s commitment to inclusivity and adherence to corporate governance standards.
The AGM notice concludes with a reminder that no gifts will be distributed during the meeting, in accordance with the Companies Act, 2017, underscoring the procedural focus and regulatory compliance of the gathering.