Karachi: Indus Dyeing and Manufacturing Company Limited has formally requested a one-month extension from regulatory authorities for the submission of its third-quarter financial statements, citing a significant technical breakdown in its Enterprise Resource Planning (ERP) system that has hampered its reporting capabilities. The company had been scheduled to file both consolidated and unconsolidated financial reports for the quarter ended March 31, 2025, by April 30, 2025.
On April 15, 2025, Indus Dyeing experienced a major disruption in its ERP system, resulting in critical bugs affecting the company's ability to produce accurate financial statements. The company's IT department has been addressing the issue but requires more time to restore system functionality and ensure data integrity. Consequently, the company is seeking an extension until May 30, 2025, to submit its financial statements.
According to information available from the Pakistan Stock Exchange (PSX), Indus Dyeing is a participant in the textile manufacturing sector. The company emphasized that the delay is unintentional and expressed its commitment to adhere to regulatory requirements. The request for an extension is made under Section 237 of the Companies Act, 2017, which mandates the filing of quarterly financial statements within 30 days of the quarter's end.
Indus Dyeing has provided an affidavit from the Company Secretary and a paid treasury challan for Rs. 15,000 towards the Securities and Exchange Commission of Pakistan (SECP) application fee, as part of its extension request documentation. The company has assured the Commission of its intention to expedite the filing process once the technical issues are resolved and affirmed its dedication to maintaining compliance with reporting obligations and corporate governance standards.
The company has stated its readiness to provide any additional documentation or clarification as required by the Commission and has expressed gratitude for the understanding and trust extended to them in rectifying this situation.