Karachi: Dewan Salman Fibre Limited has requested an extension from the Securities and Exchange Commission of Pakistan (SECP) to hold its Annual General Meeting (AGM) and present its financial statements for the fiscal year ending June 30, 2024. The company aims to extend the deadline to November 28, 2024, providing an additional 30 days beyond the original schedule.

The application for the extension was officially filed with SECP, with a copy submitted for record-keeping purposes. The delay in holding the AGM and finalizing the financial statements is attributed to the ongoing finalization of the company’s audit, which has been hindered by compatibility issues with newly implemented audit software.

According to information available from the Pakistan Stock Exchange (PSX), Feroze Sharif Tariq and Co., the auditors of Dewan Salman Fibre Limited, reported that the audit for the year could not be completed on time due to the absence of necessary documents and details required by the new software. The auditors emphasized that the current data format is incompatible with the software, causing significant delays. They anticipate receiving the required information by the end of this week, with hopes to finalize the audit by the end of October 2024.

This extension is crucial for Dewan Salman Fibre Limited to ensure compliance and accuracy in its financial reporting. The company has communicated its commitment to promptly notify the SECP once permission for the extension is granted.