Karachi: AI Abid Silk Mills Limited has received regulatory approval to extend the period for holding its Annual General Meeting (AGM) for the fiscal year ended June 30, 2024. The Securities and Exchange Commission of Pakistan (SECP) has granted the extension under Sections 132 and 223 of the Companies Act, 2017, allowing the company until November 27, 2024, to convene and present its annual audited financial statements to shareholders.

According to information available from the Pakistan Stock Exchange (PSX), this extension provides AI Abid Silk Mills additional time to finalize and lay down its financial statements, ensuring thorough preparation and compliance with statutory requirements. The decision comes as a measure to accommodate the company’s need for additional time to address and incorporate all financial aspects from the concluded fiscal year into the statements for shareholder review.

The SECP's approval is issued under the stipulation that it does not preclude any future actions the Commission may undertake against non-compliance with the Companies Act requirements. This move is part of ongoing efforts to uphold stringent corporate governance and reporting standards within the Pakistani corporate sector.