Karachi: Dewan Farooque Spinning Mills Limited has received approval from the Securities and Exchange Commission of Pakistan (SECP) to extend the deadline for holding its Annual General Meeting (AGM) and publishing the financial statements for the fiscal year ended June 30, 2024. The approval allows the company to postpone its AGM until November 27, 2024.

In a formal notification dated October 2, 2024, the SECP granted the extension citing sections 132 and 223 of the Companies Act, 2017. This act requires companies to hold an AGM and disclose audited financial statements annually. The decision by SECP came after Dewan Farooque Spinning Mills submitted an application on September 24, requesting more time to organize their annual shareholder meeting and complete their financial documentation.

The extension aims to provide the company sufficient time to prepare and present comprehensive financial statements for shareholder review. According to information available from the Pakistan Stock Exchange (PSX), this adjustment in schedule is critical for maintaining transparency and adhering to regulatory requirements.

Dewan Farooque Spinning Mills Limited, listed under the textile sector in the PSX, is known for its contributions to the textile industry in Pakistan, with this extension expected to allow for better-prepared financial disclosures in their upcoming AGM.