Karachi: Idrees Textile Mills Ltd. has formally requested an extension for holding its Annual General Meeting (AGM) for the financial year ended June 30, 2026. The application, submitted under Section 132 read with Section 233 of the Companies Act, 2017, seeks to extend the AGM date from October 28, 2026, to November 27, 2026, as well as an extension for filing the financial statements for the quarter ended September 30, 2026, to November 30, 2026.
The company has cited the ongoing statutory audit as the primary reason for the requested delay. According to the report dated October 5, 2026, the statutory audit of the financial statements for the year ended June 30, 2026, is still in progress. External auditors have confirmed that audit procedures are ongoing, with certain information still being addressed. The company asserts that the 30-day extension will provide sufficient time to complete the statutory processes required for holding the AGM and laying the financial statements.
The last AGM for Idrees Textile Mills Ltd. was held on November 27, 2025, where financial statements for the year ended June 30, 2025, were laid. Under the current regulations, the company is mandated to hold its AGM by October 28, 2026, and present the financial statements for the period ended June 30, 2026. However, due to the audit delay, the company deems it necessary to extend both the AGM and the filing of quarterly financial statements.
According to information available from the Pakistan Stock Exchange (PSX), the application for extension was submitted 27 days before the due date, slightly short of the 30-day advance notice required by Section 27 of the Companies (General Provisions) Rules. The company attributed the delay to efforts made by management to convene the AGM and hold the Board of Directors meeting in a timely manner.
As the statutory audit continues, Idrees Textile Mills Ltd. hopes the requested extension will facilitate the completion of necessary processes, allowing for the AGM and financial statement filings to occur without further impediments. The decision now rests with the Commission to grant the requested 30-day extension for the AGM and the filing of quarterly statements for the first quarter ended September 30, 2026.