Gulistan Spinning Mills Limited has announced the sanctioning of a Scheme of Arrangement by the Sindh High Court, aimed at restructuring the company’s liabilities and resolving pending issues with financial institutions.
- The Scheme of Arrangement was sanctioned on October 30, 2023, under section 279 of the Companies Act 2017.
- All pending litigations with banks will be withdrawn as part of this arrangement.
- The company has ceased operations since May 1, 2014, due to financial difficulties and significant losses.
- The loss after taxation for the year ended June 30, 2026, was PKR 20.32M, compared to a loss of PKR 5.94M in the previous year.
- The Board has acknowledged the efforts of management and staff during this challenging period.