High Court orders C&A Textiles to hold pending AGMs by August
The High Court has ordered C&A Textiles to hold its annual general meetings (AGMs) that have been pending for five years since fiscal 2017-18.
In accordance with the court order, the company is required to hold the AGMs within eight weeks, meaning that the pending AGMs should be completed by August. The exact dates, times, and locations of the pending AGMs will be communicated at a later date.
In a disclosure published on the stock exchanges on Wednesday, the company informed the stakeholders about the High Court's decision. It also announced its intention to commence operations in its garments and textile division following Eid-Ul-Azha.
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Azimul Islam, managing director of C&A Textiles, expressed the company's commitment to holding the pending AGMs within the stipulated time frame set by the court.
He also shared that the dyeing unit of the company has already been initiated and the garments and textile unit will commence operations as soon as possible.
He stated, "The garments unit will initially begin with four production lines, and we have completed commissioning, testing of all machinery, and trial production."
After a prolonged closure of over six years since 2017, C&A Textiles is preparing to resume full-fledged operations.
Sources said both the garments and textile units will commence bulk production simultaneously, initially employing a workforce of 600-700 people. Over time, this number is expected to reach 4,000 at the peak of production, according to company sources.
The textile division will produce knit fabrics, which will serve as the main raw materials for the garments division's manufacturing process.
It is worth noting that the textile manufacturer had already initiated its dyeing unit last year.
In 2021, Alif Group acquired C&A Textiles, and since then, the new owners have invested approximately Tk40 crore to revitalise the company's operations.
C&A Textile was listed on the capital market in 2015 and raised Tk45 crore from investors through an initial public offering (IPO).
