Karachi: Mandviwalla Mauser Plastic Industries Limited has formally requested an extension from the Securities and Exchange Commission of Pakistan (SECP) to hold its Annual General Meeting (AGM) scheduled for 2024. The company seeks approval to postpone the meeting to November 29, 2024, to allow for the completion of its audited financial statements for the fiscal year ending June 30, 2024.

According to the documents submitted to the SECP, Mandviwalla Mauser cites delays in the audit process as the primary reason for the requested postponement. The finance manager, Abdur Rehman, indicated that the delay was due to additional time needed by the auditors to complete their assessment. The application includes an affidavit, the last audited accounts from 2023, and evidence of a paid challan amounting to Rs. 15,025.

This move comes as the company adheres to Section 132 of the Companies Act 2017, which regulates the proceedings and scheduling of annual general meetings. According to information available from the Pakistan Stock Exchange (PSX), such delays are not uncommon among publicly traded companies facing auditing complexities.

The request also aligns with regulatory requirements ensuring transparency and accountability in corporate governance, enabling shareholders sufficient time to review the company's financial performance before making pivotal decisions.

Mandviwalla Mauser has communicated this extension request to relevant parties, including the Joint Registrar of the SECP and the General Manager of the Pakistan Stock Exchange in Karachi, underscoring the firm's compliance with procedural and legal norms.