Karachi: The Securities and Exchange Commission of Pakistan (SECP) has approved an extension request by Arif Habib Corporation Limited for holding its Annual General Meeting (AGM) and submitting the annual audited financial statements for the fiscal year ending June 30, 2024. The decision allows the company additional time until November 27, 2024, to convene the AGM and discuss shareholder considerations.

The SECP’s formal communication, addressed to Mohsin Madni, the Chief Financial Officer of Arif Habib Corporation, confirms the extension under the stipulations of Section 132 read with Section 223 of the Companies Act, 2017. The original application for this extension was submitted on September 26, 2024, citing the need for additional time to prepare and lay out the financial statements required for shareholder review at the AGM.

According to information available from the Pakistan Stock Exchange (PSX), Arif Habib Corporation is among the actively monitored entities due to its significant impact on various sectors within the market. The extension by SECP is expected to provide the company sufficient time to address any pending issues and ensure comprehensive disclosures to its shareholders.

This grant of extension highlights the flexibility of regulatory frameworks to accommodate corporate requirements in detailed financial reporting and shareholder communications. As the new deadline approaches, stakeholders anticipate a thorough review of the fiscal year’s outcomes, aligning with the company’s strategic goals and operational integrity.