Karachi: Blue-Ex Limited has formally requested a thirty-day extension from the Securities and Exchange Commission of Pakistan (SECP) to hold its Annual General Meeting (AGM) and present its audited financial statements for the fiscal year ended June 30, 2024. The company cited delays in finalizing audits as the reason for the postponement, according to documents submitted to the SECP.

The Karachi-based company, which last held its AGM on November 27, 2023, was due to meet regulatory deadlines by October 31, 2024, for laying its financial statements. According to information available from the Pakistan Stock Exchange (PSX), the request includes an application for extension up to November 27, 2024, to comply with Sections 132 and 223 of the Companies Act, 2017.

Blue-Ex pointed to the non-finalization of their financial audits and incomplete accounting books as primary reasons for the delay. The company has also submitted a supporting affidavit and a bank payment challan for PKR 15,025, as part of the procedural requirements. The affidavit, signed by Blue-Ex officials, alongside a letter from their auditors, M/s. Crowe Hussain Chaudhury and Co. Chartered Accountants, outlines the ongoing audit processes that are contributing to the delay.

This extension, if granted, will allow Blue-Ex additional time to finalize its financial audits without contravening the stipulated corporate governance frameworks set forth by SECP.