Karachi: Arif Habib Limited has secured a 30-day extension for the submission of its first-quarter financial statements for the period ended September 30, 2024, according to a recent filing with the Pakistan Stock Exchange. The extension, approved by the Securities and Exchange Commission of Pakistan (SECP), allows the company until November 29, 2024, to prepare and file the required documents.

The company cited the need for additional time to ensure the accuracy and completeness of its financial statements. This extension request follows the provisions of section 237 of the Companies Act, 2017, which permits such delays under specific circumstances. According to information available from the Pakistan Stock Exchange (PSX), Arif Habib Limited's decision to seek more time reflects a cautious approach to financial reporting and compliance with regulatory requirements.

The board of directors of Arif Habib Limited is scheduled to meet within the new timeframe to review and approve the quarterly financial statements. The SECP's approval of the extension emphasizes that the additional time granted should not be seen as a waiver of any legal requirements or as a shield against potential non-compliance repercussions.

This procedural delay in financial reporting is communicated to the members of the Karachi Stock Exchange to ensure transparency and maintain investor confidence in the market operations of Arif Habib Limited.