Karachi: BECO Steel Limited has successfully obtained a 30-day extension to hold its Annual General Meeting (AGM) for the fiscal year ended June 30, 2024. The extension, approved under Section 147 of the Companies Act, 2017, allows the company until November 27, 2024, to convene the AGM and present its annual audited accounts.

The Securities and Exchange Commission of Pakistan (SECP) confirmed the extension in a recent notification, allowing additional time for BECO Steel Limited to finalize its financial statements and audit processes. According to information available from the Pakistan Stock Exchange (PSX), this extension is crucial as the company works to meet regulatory compliance and shareholder expectations.

Originally, BECO Steel was scheduled to hold its AGM by October 28, 2024, a deadline now extended to accommodate the completion of an external audit. The request for more time was necessitated by delays in auditing processes, as indicated by the company's auditors who required an additional three to four weeks to complete their assessment of the fiscal year 2024.

BECO Steel Limited, which last held its AGM on December 30, 2023, has emphasized its commitment to transparency and regulatory adherence throughout this process. The company has attached all required documents, including a paid bank challan as proof of the application fee, to ensure full compliance with SECP regulations.