Karachi: In a recent move, Otsuka Pakistan Limited has formally requested a two-day extension to hold its Annual General Meeting (AGM), scheduled for the financial year ending June 30, 2024. The company cited "unavoidable administrative delays and logistical constraints of the foreign directors' visit" as the primary reasons for this delay.

The request, addressed to the Securities Exchange Commission of Pakistan (SECP), seeks additional time to organize the AGM, originally planned for on or before October 28, 2024. According to the document submitted to SECP, these challenges have prevented the company from meeting the initially stipulated timeline for their AGM, pushing for a potential new date of October 30, 2024.

According to information available from the Pakistan Stock Exchange (PSX), Otsuka Pakistan emphasized that all necessary arrangements for the AGM are on track, affirming its commitment to adhering to statutory requirements. The company has also included a paid challan of Rs. 15,000 as the filing fee for this request, underlining the formal nature of their petition to the regulatory body.

The request is now pending approval from SECP, and Otsuka Pakistan has expressed its gratitude for the consideration given to its situation, hoping for a swift response to facilitate their planning. This move reflects the broader challenges faced by multinational corporations in managing cross-border executive logistics and complying with corporate governance norms within Pakistan's regulatory framework.