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Karachi: The shareholders of Sana Industries Limited are set to gather for the company’s 39th Annual General Meeting (AGM) on October 25, 2024, at Karachi. According to information available from the Pakistan Stock Exchange (PSX), the meeting will address several pivotal elements of the company’s governance and financial management.
The primary agenda will include the reception and adoption of the audited financial statements for the fiscal year ending June 30, 2024. These statements, alongside the Auditors’ and Directors’ reports, will be thoroughly reviewed to assess the company’s financial health and strategic direction.
Another significant item on the agenda is the reappointment of the company’s auditors. M/s. Rahman Sarfaraz Rahim Iqbal Rafiq, Chartered Accountants, who are retiring this year, have offered themselves for re-appointment for the new fiscal year ending June 30, 2025.
Special business will also be conducted, including ordinary resolutions concerning related party transactions under the provisions of Section 208 of the Companies Act, 2017. The first resolution seeks to ratify and approve transactions conducted with related parties during the past year, as disclosed in the financial statements. A second resolution will empower the Board of Directors to approve future related party transactions on a case-by-case basis throughout the fiscal year ending June 30, 2025. These transactions will later be presented at the next general meeting for formal ratification and approval by the shareholders.
The AGM will also allocate time to discuss any additional matters, provided they are approved by the Chair. This allows room for unforeseen issues or shareholder queries to be addressed, ensuring comprehensive engagement on all fronts concerning the company’s operations and strategic initiatives.