Karachi: Dewan Farooque Spinning Mills Limited has applied for an extension to hold its Annual General Meeting (AGM) for the fiscal year ending June 30, 2024, until November 28, 2024. The company has formally requested a 30-day extension from the Securities and Exchange Commission of Pakistan (SECP) to complete and present its financial statements for the said period.

The application for the extension was submitted to SECP recently, as per the documents included with the company’s notification. Dewan Farooque Spinning Mills has stated that the extension is necessary due to delays in finalizing the audit of its financial statements. The auditors, Feroze Sharif Tariq and Co., have cited difficulties with the new audit software, which has not been compatible with the current data format used by the company.

According to information available from the Pakistan Stock Exchange (PSX), the auditors have not yet received all the necessary documents and details required for the audit. These are expected to be provided by the company’s management by the end of this week. With the required information, the auditors anticipate finalizing the audit by the end of October 2024.

The request for an extension by Dewan Farooque Spinning Mills highlights the challenges companies may face with technological transitions in financial reporting and compliance. The outcome of the application, pending approval from SECP, will determine the new date for the AGM and the subsequent laying of financial statements.