Karachi: Telecard Limited has been granted an extension to hold its Annual General Meeting (AGM) and present its annual audited financial statements for the year ending June 30, 2024. The company, seeking additional time to meet these obligations, submitted a request on October 9, 2024, citing provisions under sections 132 and 223 of the Companies Act, 2017.

According to official communications, the Commission has approved the extension, allowing Telecard Limited until November 27, 2024, to convene the AGM and lay the financial documents before its shareholders. This decision, as per the directive, aligns with the legal framework provided by the Companies Act, 2017.

According to information available from the Pakistan Stock Exchange (PSX), the extension is granted with the approval of the competent authority. However, the Commission reserves the right to initiate action should any other compliance requirements under the Act be unmet.

This extension provides Telecard Limited with the necessary timeframe to ensure all financial documentation is adequately prepared for shareholder review. Meanwhile, the company is expected to adhere to all other statutory obligations under the Companies Act, 2017, to avoid potential penalties or compliance issues.