Karachi: The Securities and Exchange Commission of Pakistan (SECP) has issued a directive to Globe Textile Mills Limited, mandating the company to conduct its overdue Annual General Meeting (AGM) for the financial year ending June 30, 2024, before July 15, 2025. This directive, issued under Section 147(1) of the Companies Act, 2017, aims to address the company's non-compliance with statutory requirements.

The directive follows the company's failure to hold its AGM within the stipulated 120 days following the close of the financial year, as required under Section 132 of the Companies Act, 2017. Furthermore, Globe Textile Mills Limited has not filed its annual audited financial statements, as stipulated under Section 223 of the Act, nor has it posted these on the company's website or submitted them electronically to the Commission as required by Circular No. 11 of 2023.

According to information available from the Pakistan Stock Exchange (PSX), Globe Textile Mills Limited has been suspended from trading since August 1, 2012, due to persistent non-compliance related to the non-holding of overdue AGMs. The last AGM held by the company covered the financial year ending June 30, 2023, and took place on February 17, 2025, marking a delay of approximately 18 months.

The SECP's directive follows a lack of response from the company to previous communications regarding the overdue AGM. The Commission emphasized that the failure to hold the AGM and transmit the financial statements constitutes a prima facie default in compliance with Sections 132 and 223 of the Act.

The directive, issued with immediate effect, warns of regulatory action in case of non-compliance. It underscores the SECP's commitment to enforcing compliance with statutory obligations and maintaining transparency in the operations of listed companies within the market category of the Pakistan Stock Exchange.