Lahore: Sui Northern Gas Pipelines Limited (SNGPL) has formally requested a 30-day extension for holding its Annual General Meeting (AGM) and presenting the audited financial statements for the fiscal year ending June 30, 2024. The request, necessitated by delays in completing the statutory audit, was submitted to the Securities and Exchange Commission of Pakistan under the stipulations of Sections 132 and 223 of the Companies Act, 2017.

SNGPL, in a document, detailed that the last AGM took place on August 21, 2024, where the financials for the fiscal year ending June 30, 2023, were discussed. However, the audit for the current fiscal year, led by AF Ferguson and Co., Chartered Accountants, appointed on the same date, is incomplete. Challenges in finalizing the audit are attributed to delays in receiving necessary information and explanations impacting the financial statements. According to information available from the Pakistan Stock Exchange (PSX), the audit is now expected to be finalized by September 24, 2024, hence the request for an extension.

The company has specified that the AGM is required to be held on or before October 28, 2024, to meet regulatory requirements. The extension, if granted, would push the AGM's latest permissible date to November 27, 2024. This extension aims to ensure compliance with the statutory notice period for AGM convocation, which includes a 21-day notification period along with additional time for the printing and distribution of materials.

SNGPL emphasizes that the extension is essential for the accurate presentation of financial accounts to shareholders, ensuring that all relevant financial data is meticulously verified and reported. The company has also enclosed a copy of the last audited financial statements and an affidavit supporting the application for the extension.