Karachi: Dewan Farooque Motors Limited has received approval from the Securities and Exchange Commission of Pakistan (SECP) to extend the deadline for its Annual General Meeting (AGM) for the fiscal year ending June 30, 2024. The permission, granted on October 2, 2024, allows the company to hold its AGM by November 27, 2024, rather than the previously stipulated date.

In a letter addressed to the Pakistan Stock Exchange (PSX), the SECP cited sections 132 and 223 of the Companies Act, 2017, in granting the extension. According to information available from the Pakistan Stock Exchange (PSX), the extension was sought to allow for the finalization and presentation of the company's annual accounts, which have been delayed.

Dewan Farooque Motors, a significant player in Pakistan's automotive sector, communicated the extension to the General Manager of the Pakistan Stock Exchange, ensuring transparency and compliance with regulatory requirements. The company has indicated that the additional time will ensure thorough preparation and accuracy in the financial statements to be presented to shareholders for approval.

The SECP's approval came with a stipulation that the extension is granted without prejudice to any action that the Commission might initiate for non-compliance with other requirements of the Act. This ensures that while the company can take the additional time needed, it remains accountable for its adherence to other legal and financial obligations.