Karachi: Nadeem Textile Mills Limited has secured regulatory approval for postponing its annual general meeting (AGM) and the submission of its first quarterly financial report, according to a document issued by the Securities and Exchange Commission of Pakistan (SECP). The company, facing delays, has been granted until late November 2024 to organize its AGM and disclose financial details for the period ending September 30, 2024.

The SECP's decision comes in response to a formal request from the textile giant, outlining the necessity for additional time to prepare and audit their annual and quarterly financial statements. The letter from Nadeem Textile Mills, dated September 25, 2024, cited Sections 132 and 223 of the Companies Act, 2017, which provide the basis for this extension.

As per the details provided in the letter approved by the competent authority, the SECP has allowed the company until November 27, 2024, to hold its AGM for the fiscal year ended June 30, 2024. Additionally, the company has been given until November 29, 2024, to file the financial statements for the quarter that concluded on September 30, 2024. This extension also carries a caveat; the SECP may initiate actions for non-compliance should Nadeem Textile Mills fail to meet the new deadlines.

According to information available from the Pakistan Stock Exchange (PSX), the regulatory leniency afforded to Nadeem Textile Mills underscores the challenges companies may face in meeting statutory deadlines, which can stem from various operational or financial issues.

This extension aims to provide the company's shareholders and potential investors with a comprehensive view of its financial health through audited reports, thus ensuring transparency and maintaining investor confidence in the company's governance practices.