Idrees Textile Mills Limited’s abstract under section 218

Karachi, June 14, 2013 (PPI-OT): We enclose herewith a copy of abstract under section 218 of the Companies Ordinance 1984.

To All Members of the Company

Abstract of the Terms of Appointment/ Variation under Section 218 of the Companies Ordinance 1984.

In pursuance of section 218 of the Companies Ordinance, 1984, this is to inform you that Mr. Imran Idress Allawala resigned from the post of CEO and Directorship of the Company w.e.f. May 15, 2013. In the meeting of the Board of Directors held on May 22, 2013 Mr. S. M. Mansoor Allawala, director of the Company has been appointed as CEO of the Company on existing terms and conditions and Mr. Omair Idress Allawala has been appointed as Director of the Company w.e.f. May 22, 2013.

Executive Director Mr. Omair Idress Allawala

The monthly remuneration of Mr. Omair Idress Allawala Executive Director would be Rs. 65,000/- p.m (Rupees sixty five thousand only).

Change of Executive Director

As per the Board’s approval Mr. Rizwan Idress Allawala will be holding the office of Executive Director in place of Mr. S. M. Idress Allawala who will work as non-executive director w.e.f. June 01, 2013.

In pursuance of section 218 of the Companies Ordinance 1984, this is also to inform you that on the recommendation of Human Resource and Remuneration Committee, the Board of Directors of the monthly remuneration of The Chairman, Chief Executive Officer and Executive Directors of your Company.

Name                              Designation                 Existing                               Revised
                                                              Remuneration (Rs)                      Remuneration (Rs)
                                                                                                     w. e. f 01.06.2013

Mr. S. M. Idress Allawala          Chairman/Director            65,000                                 Nil
Mr. S. M. Mansoor Allawala         CEO/Director                 65,000                                 150,000
Mr. Naeem Idress Allawala          Director                     65,000                                 125,000
Mr. Rizwan Idress Allawala         Director                     Nil                                    125,000
Mr. Omair Idress Allawala          Director                     65,000                                 125,000

The Executive directors shall also be entitled to Company maintained vehicle(s). The above remuneration shall be subject to such adjustments, bonuses and other entitlements as may be granted at any time and from time to time by the Board of Directors of the Company and/or in accordance with the polices and the service of the Company for the time being in force.

For more information, contact:
Syed Shahid Sultan
Company Secretary
Idrees Textile Mills Limited
Ismail Centre, 1st Floor, 5-C,
Central Commercial Area,
Bahadurabad, Karachi-74800 (Pakistan)
Phones: (92-21) 34940026
Fax: (92-21) 34945306
E-mail: info@idreestextils.com