Karachi: Saritow Spinning Mills Limited has formally requested a 30-day extension for holding its Annual General Meeting (AGM) for the fiscal year ending June 30, 2024. This extension is sought under sections 132 and 223 of the Companies Act 2017, according to documents submitted to the relevant authorities.

The company cited delays in completing the necessary audit procedures as the primary reason for this request. The auditing process, critical for finalizing the financial statements for the year, requires additional time to ensure accuracy and compliance. The auditors, Rahman Sarfaraz Rahim Iqbal Rafiq, have specifically requested until October 31, 2024, to complete their work.

According to information available from the Pakistan Stock Exchange (PSX), the regulatory framework mandates that listed companies must hold their AGM within 120 days following the financial year's end, making the original deadline for Saritow Spinning Mills October 28, 2024. The proposed new date for the AGM is November 27, 2024, which includes a period for the transmission of the annual report and financial statements to shareholders at least 21 days prior to the meeting.

The company has also submitted a formal application for the extension, accompanied by a letter from their auditor, an affidavit from the Company Secretary attested by an Oath Commissioner, and proof of a paid challan for the extension fee amounting to Rs 10,025.

This extension, if granted, will allow Saritow Spinning Mills more time to prepare and present audited financial statements for the year ended June 30, 2024, thereby ensuring compliance with both corporate governance standards and regulatory requirements.