Karachi: The Securities and Exchange Commission of Pakistan (SECP) has approved an extension for Arif Habib Limited to hold its Annual General Meeting (AGM) for the fiscal year ending June 30, 2024. The decision allows the company additional time to convene the meeting, which is now scheduled for November 27, 2024.

According to a document dated October 2, 2024, the SECP has responded to a formal request by Arif Habib Limited, allowing the postponement of the AGM originally due for earlier scheduling. This extension pertains to the requirements under section 132 in conjunction with section 223 of the Companies Act, 2017, which oversees the regulations for such corporate gatherings.

The Chief Financial Officer of Arif Habib Limited, Muhammad Taha Siddiqui, had submitted the application for extension on September 26, 2024. The request outlined the need for additional time to prepare and discuss the annual audited financial statements for the year ended June 30, 2024.

This development comes as companies navigate regulatory requirements and prepare comprehensive financial disclosures for shareholder review. The extended timeline is expected to provide Arif Habib Limited sufficient leeway to finalize and lay out the financial statements for shareholder consideration and approval.

According to information available from the Pakistan Stock Exchange (PSX), the delay in holding the AGM does not conflict with market regulations but requires transparent communication to shareholders regarding the reasons for and implications of the postponement.

The Securities and Exchange Commission's decision underscores the flexibility provided under the Companies Act to accommodate corporate needs while ensuring compliance and governance standards are maintained. Shareholders of Arif Habib Limited are advised to note the new date for the AGM, which marks a significant event for reviewing the company's financial health and strategic direction.