Gulistan Spinning Mills Limited has submitted a progress report indicating its non-operational status for the quarter ended September 30, 2026, as it continues to implement a Scheme of Arrangement sanctioned by the High Court of Sindh.
- The Company remains non-operational with no commercial production or business activities during the quarter.
- A Scheme of Arrangement is in effect for the sale of all assets to settle existing liabilities, approved by secured creditors and shareholders.
- Asset sales are supervised by the Asset Sale Committee, with proceeds distributed among secured creditors on a pari passu basis.
- No measures have been taken to resume operations, and the Company does not foresee any changes in its operational status.