Karachi: Idrees Textile Mills Limited has formally requested an extension for holding its Annual General Meeting (AGM) for the financial year ended June 30, 2025. The company has submitted the necessary applications and documentation, seeking to extend the deadline by 30 days, which would allow the AGM to be held by November 27, 2025.
The company's request, filed on October 2, 2025, includes several key documents such as an application under Section 132 of the Companies Act, 2017, the annual report for the year ended June 30, 2024, an affidavit signed by the company secretary, and bank challans. The statutory audit for the financial statements of the year ending June 30, 2025, is currently in progress. External auditors have confirmed that audit procedures are underway, and certain information is still being addressed by management.
According to information available from the Pakistan Stock Exchange (PSX), Idrees Textile Mills Limited has made this request to ensure compliance with statutory requirements while accommodating the completion of their ongoing audit processes. The company cites that the delay in finalizing the financial statements has necessitated this request, as the audit could not be completed in the initially designated timeframe.
Per the stipulations of Section 132 of the Companies Act, 2017, the AGM was required to be conducted by October 28, 2025, with the financial statements for the period ended June 30, 2025, to be laid therein. However, due to unavoidable circumstances, the application for extension was filed three days past the required deadline. The company has acknowledged this delay and is requesting the Commission to condone the shortfall and approve the extension.
The extension will also impact the filing of quarterly statements for the first quarter ended September 30, 2025, for which the company has requested a concurrent 30-day extension under Section 237. The audit status letter issued by the external auditors states that the audit of the financial statements for the year ended June 30, 2025, is ongoing and will be completed once all necessary information is provided by the company.
Idrees Textile Mills Limited is situated on the 15th Floor, Ismail Centre, 6-C, Central Commercial Area, Bahadurabad, Karachi. The delay in holding the AGM is attributed to the ongoing audit and the time required for statutory processes, underscoring the company's commitment to adhering to regulatory obligations while ensuring accurate financial reporting.