Karachi: Dewan Farooque Motors Limited has requested an extension from the Securities and Exchange Commission of Pakistan (SECP) to hold its Annual General Meeting (AGM) and to present its financial statements for the fiscal year ending June 30, 2024. The company has applied to delay the AGM until November 28, 2024, a 30-day extension to the usual deadline.

This extension request is necessary as the company's auditors, Feroze Sharif Tariq and Co., have reported that the audit for the 2024 financial statements is incomplete. The auditing process has been hindered by compatibility issues with new audit software, which requires specific formats and details that the company has yet to provide. According to information available from the Pakistan Stock Exchange (PSX), the auditors have indicated that the necessary documents and details are still being prepared and are expected to be ready by the end of this week.

Management of Dewan Farooque Motors anticipates providing the required information soon, which should enable the auditors to finalize the financial statements by the end of October 2024. The application for the extension, submitted to the SECP, outlines the ongoing efforts and current status of the necessary documentation.

Once SECP grants the extension, the company plans to immediately notify the concerned parties and proceed with the rescheduled AGM. This delay underscores the challenges faced by the company in adapting to new technological requirements set forth in the auditing process.