Zahidjee Textile Mills Announces Director Elections and Approves Amendments in Extraordinary General Meeting

Lahore, In a notable gathering held on April 1, 2024, in Lahore, both in person and via Zoom, members of Zahidjee Textile Mills Limited convened for an Extraordinary General Meeting. The meeting, conducted in accordance with Regulation No. 5.6.4(b) of the Rule Book of Pakistan Stock Exchange Limited, led to the approval and adoption of several key resolutions, reflecting the company’s ongoing commitment to governance and strategic leadership.

During the meeting, the first agenda item addressed was the confirmation of the minutes from the Last Annual General Meeting, which took place on October 27, 2023. The members unanimously agreed to confirm the minutes, ensuring continuity in the company’s operational and governance records.

The focus then shifted to the election of directors, a critical component of the meeting. The board had previously determined the need for seven directors, pursuant to section 159(1) of the Companies Act, 2017, for a term commencing on April 01, 2024. The retiring directors, including Muhammad Zahid, Muhammad Ahmad, Mrs. Mehreen Fahad, Mr. Muhammad Ali, Mr. Sajjad Hussain Shah, Mr. Faisal Masood Afzal, and Mr. Shahbaz Haider Agha, were all re-elected. Given that the number of candidates matched the number of available positions, the election proceeded without contest, ensuring a seamless transition into the new term.

Additionally, the assembly deliberated on a special business item concerning the amendment of the existing clause 57 of the Articles of Association related to Directors’ remuneration. This amendment was put forth for consideration and subsequently received unanimous approval from the members. This change signifies the company’s ongoing efforts to align its governance practices with industry standards and stakeholder expectations.

The resolutions passed during this meeting mark a significant step in the company’s journey, ensuring strong leadership and governance structures are in place to guide Zahidjee Textile Mills Limited into the future.