Karachi: Idrees Textile Mills has formally requested a 30-day extension for holding its Annual General Meeting (AGM) and filing its financial statements for the fiscal year ended June 30, 2024. The request has been submitted to the Securities and Exchange Commission of Pakistan due to unforeseen health issues within the company’s financial leadership.

According to the application filed on October 27, 2023, the company was scheduled to hold its AGM by October 28, 2024, and lay the financial statements for the same fiscal year. However, the Chief Financial Officer of Idrees Textile Mills is currently incapacitated due to viral fever, leading to significant delays in the audit processes and preparations required for the AGM.

The company, located at the Ismail Centre in Karachi’s Central Commercial Area, has been unable to complete the necessary audit and board meetings within the stipulated time frame due to these unexpected circumstances. This delay has also impacted the timely filing of financial statements for the quarter ended September 30, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the required audit has been hindered due to the non-completion of financial statements, currently under review by external auditors. The company has attached a certificate from the auditors confirming the ongoing audit process.

Under Section 132 of the Companies Act, 2017, and Companies (General Provision) Rules, the request for the extension was filed just three days short of the 30-day prior notice requirement. The company has emphasized its efforts to meet the original deadlines and the necessity of the extension due to the CFO’s health issues.

Idrees Textile Mills is now seeking an additional 30 days to hold the AGM and lay the financial statements for the fiscal year, alongside a concurrent extension for submitting the first quarterly report of the following fiscal year.