Karachi: Pakistan Refinery Limited has been granted an extension by the Securities and Exchange Commission of Pakistan (SECP) to conduct its election of directors, following a Report of Impediment submitted by the company. The election, initially scheduled to coincide with the Annual General Meeting (AGM) on October 21, 2026, will now be held within 90 days from the original due date.

The company had sought this postponement under Section 158(2) of the Companies Act, 2017, citing unavoidable circumstances. According to the legal provisions, retiring directors are required to facilitate the election of their successors. However, in the presence of any impediments, companies must report the situation to the Registrar 45 days prior to the AGM or Extraordinary General Meeting (EOGM) where elections are slated to occur.

According to information available from the Pakistan Stock Exchange (PSX), the SECP has acknowledged the impediment report and has granted the requested extension. This allows Pakistan Refinery Limited additional time to complete the election process in alignment with the legal and regulatory framework stipulated by the SECP.

In the interim, the retiring directors will continue to perform their functions until their successors are duly elected, ensuring that the company's operations remain unaffected by the delay. The AGM will proceed as scheduled, with the exception of the agenda item concerning the director elections.