Karachi: Al-Abid Silk Mills Limited has officially applied for a 30-day extension to hold its Annual General Meeting (AGM) for the fiscal year ended June 30, 2024. The request, submitted under Section 132 of the Companies Act, 2017, cites delays in the audit of financial statements as the primary reason for the postponement.

The company has submitted several documents to support its application, including an auditor's letter that explains the need for additional time to complete the audit, the last audited financial statements for the year ended June 30, 2023, a notarized affidavit signed by the Chief Executive, and a receipt for a Rs. 15,000 application fee paid to the Securities and Exchange Commission of Pakistan (SECP).

According to information available from the Pakistan Stock Exchange (PSX), the application requests that the AGM be deferred until November 27, 2024, extending the deadline from the original date of October 28, 2024. This extension is requested due to the non-finalization of the audit, which is still in progress as confirmed by the company’s auditors. They have communicated that once all required information is provided by the management, they aim to complete the audit procedures and deliver the audit report by October 30, 2024.

This delay impacts the company’s ability to finalize and present its financial statements for shareholder approval, which are essential for maintaining transparency and fulfilling regulatory requirements.