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Lahore: Nazir Cotton Mills Limited conducted an Extra-Ordinary General Meeting on July 27, 2024, resulting in the election of new directors and the adoption of a digital format for the distribution of financial statements to shareholders.
In compliance with Regulation 5.6.9(b) of the Pakistan Stock Exchange (PSX) Regulations, Nazir Cotton Mills Limited convened an Extra-Ordinary General Meeting in Lahore. The meeting led to significant corporate governance decisions, primarily the election of seven new directors for a three-year term starting from the same day. The elected directors include Mr. Muhammad Tayyab, Mian Farrukh Naseem, Col. Abdul Qayyum, Mr. Tariq Javaid, Mr. Mujahid Ahmad, and Mr. Aftab Anwar, with the latter two serving as independent directors, and Miss. Batool Zahra.
The meeting also addressed special business concerning the company’s approach to disseminating its audited annual financial statements. The shareholders approved a new method, allowing the company to transmit its annual balance sheet, profit and loss account, auditor’s report, directors’ report, and chairman’s message through a QR enabled code and web link. This move follows the authorization by the Securities and Exchange Commission of Pakistan via SRO No. 389(1) 2023 dated March 21, 2023, shifting away from traditional physical formats like CD or USB distribution.
According to information available from the Pakistan Stock Exchange (PSX), these decisions mark a progressive step towards modernizing the accessibility and transparency of financial disclosures, aligning with contemporary digital practices. The Chief Executive Officer and Company Secretary of Nazir Cotton Mills have been empowered to implement these resolutions effectively, ensuring that all procedural requirements are met for the changes to take place.