Karachi: Dewan Salman Fibre Limited has received approval from the Securities and Exchange Commission of Pakistan (SECP) to extend the period for holding its Annual General Meeting (AGM) for the fiscal year ended June 30, 2024. The extension will allow the company to convene its AGM by November 27, 2024, instead of the previously scheduled date.
In a notification to the Pakistan Stock Exchange, the company detailed that the SECP’s approval came through an official letter dated October 2, 2024, following an application from Dewan Salman Fibre. The extension was necessitated by the company’s need to finalize and present its annual accounts, which are audited yearly. The application cited sections 132 and 223 of the Companies Act 2017, which permit such extensions under specific circumstances.
According to information available from the Pakistan Stock Exchange (PSX), the SECP’s decision is part of its regulatory function to ensure compliance with financial disclosure requirements and to facilitate the corporate governance processes of listed companies. The approval is conditional, granting the company the needed time while maintaining regulatory oversight to prevent any non-compliance issues.
The letter from the SECP, signed by Oneeb Ahmed, Assistant Director of the Securities Market Division, emphasized the provisional nature of this approval, which does not preclude any regulatory actions in case of subsequent non-compliance by Dewan Salman Fibre. The company, part of the Yousuf Dewan Companies group, is expected to proceed with its AGM planning under the new timeline, ensuring all shareholder and regulatory obligations are met comprehensively.