Karachi: Huffaz Seamless Pipe Industries Limited has been directed by the Securities and Exchange Commission of Pakistan (SECP) to conduct its overdue Annual General Meetings (AGMs) for the financial years ending June 30, 2023, and June 30, 2024. The directive, issued on May 27, 2025, under section 147(1) of the Companies Act, 2017, requires the company to comply with holding these meetings by July 15, 2025, and August 31, 2025, respectively.

The SECP's Listed Companies Supervision Wing highlighted that Huffaz Seamless Pipe Industries Limited, a listed company, failed to hold its AGMs for two consecutive years. This non-compliance contravenes section 132 of the Companies Act, 2017, which mandates every company to conduct its AGM within 120 days following the close of the financial year. Furthermore, the company has not filed its annual audited financial statements for the same periods, violating section 223 of the Act.

According to information available from the Pakistan Stock Exchange (PSX), trading of Huffaz Seamless Pipe Industries Limited's shares has been suspended since November 18, 2024. This suspension is attributed to the company's failure to hold the required AGMs. The company last convened an AGM for the year ending June 30, 2022, on February 13, 2024, marking a delay of nearly 15 months.

The SECP's directive follows previous communications to the company in November 2024, to which the company responded with assurances of improvements. Despite these assurances, the overdue AGMs have not yet been conducted, prompting the SECP to exercise its authority under section 147(1) of the Companies Act, 2017. The SECP has warned that non-compliance with this directive will result in regulatory actions.

The company is instructed to convene its AGM for the year ended June 30, 2023, by July 15, 2025, and for the year ended June 30, 2024, by August 31, 2025. The directive is effective immediately, and failure to comply may lead to penal actions under the applicable regulatory framework.