Karachi: Tata Textile Mills Limited convened its 40th Annual General Meeting on October 27, 2026, where shareholders approved several significant resolutions, including the adoption of financial statements and the appointment of directors and auditors.
The meeting saw the approval of the Annual Audited Financial Statements for the year ending June 30, 2026. The statements, along with the Chairman's Review, Directors' Report, and Auditor's Report, received unanimous consent from the shareholders.
In a move to ensure continuity in oversight, the shareholders appointed M/s Yousuf Adil, Chartered Accountants, as the external auditors for the fiscal year ending June 30, 2027. This appointment underscores the company's commitment to maintaining transparent and accountable financial practices.
The election of directors was another key agenda during the meeting. Seven individuals were elected to serve as directors for a three-year term commencing from October 26, 2026. The elected directors include Mr. Mazhar Valjee, Mr. Shahid Anwar, Mr. Adeel Shahid Anwar, Mr. Bilal Shahid Anwar, Mr. Farooq Advani, Mr. Tayyeb Afzal, and Ms. Samar Shahid.
Shareholders also approved a final cash dividend of Rs. 5.00 per share, translating to a 50% payout for the year ended June 30, 2026. The decision reflects the company's strong financial performance and its commitment to returning value to shareholders.
According to information available from the Pakistan Stock Exchange (PSX), the resolutions passed are expected to positively impact the company's market standing and investor confidence. The textile sector, a designated market category, remains a significant contributor to the national economy.
Additionally, the meeting ratified transactions with related parties as disclosed in the financial statements for the year ended June 30, 2026. The Board of Directors was authorized to approve all related party transactions for the upcoming financial year, with a stipulation for subsequent shareholder ratification in the next AGM.
The resolutions passed during the meeting exhibit the company's strategic focus on governance, financial prudence, and shareholder value enhancement.