Pakistan Services Limited Granted Extension for Annual General Meeting

Karachi: Pakistan Services Limited has been granted an extension to hold its Annual General Meeting (AGM) for the fiscal year ending June 30, 2024. The Securities and Exchange Commission of Pakistan (SECP) has approved the company's request to delay the AGM until November 27, 2024.

In a communication to the company, the SECP confirmed that the extension was in compliance with Sections 132 and 223 of the Companies Act, 2017. This decision allows Pakistan Services Limited additional time to convene the meeting and present its audited financial statements for shareholder review.

The original deadline for the AGM was set for October 1, 2024, but the company cited the need for more time to prepare and audit their financial statements as the reason for the extension request. According to information available from the Pakistan Stock Exchange (PSX), this delay is within legal allowances as specified by the SECP under the relevant sections of the Companies Act.

The approval from the SECP was communicated through a formal letter dated October 9, 2024, which emphasized that the extension was granted without prejudice to any future regulatory action for non-compliance with the Act's requirements.

Pakistan Services Limited is expected to disclose their financial outcomes and shareholder-related resolutions during the rescheduled AGM, continuing their compliance with corporate governance norms.