Lahore: Sui Northern Gas Pipelines Limited (SNGPL) has formally sought an extension for holding its Annual General Meeting (AGM) and laying of accounts for the fiscal year 2025-26, citing delays in the Final Revenue Requirement (FRR) decision from the Oil and Gas Regulatory Authority (OGRA).
The company, in a report dated October 26, 2026, referenced an earlier letter from September 28, 2026, and noted the subsequent approval from authorities on October 5, 2026, which had already granted an extension for the AGM to November 27, 2026. According to SNGPL, this extension is crucial due to the pending decision on FRR that significantly impacts the company's financial statements.
SNGPL revealed that the petition for the FRR, along with the accounts for fiscal year 2025-26, was submitted to OGRA on August 14, 2026. However, the decision has not been communicated as of the date of the report, October 26, 2026. The company emphasized that the determination of FRR by OGRA is essential for the legal finalization of its financial statements, which are affected by the regulatory requirements under the OGRA's Ordinance 2002 and Natural Gas Tariff Rules.
According to information available from the Pakistan Stock Exchange (PSX), SNGPL has outlined a timeline that requires at least 55 days from the receipt of the FRR from OGRA. This period includes three weeks preparation time for finalizing accounts, obtaining an audit report, securing board approval, and printing the accounts. Additionally, there is a statutory requirement of 21 days notice to hold the AGM.
In its detailed plan, SNGPL specified the need for 21 days as the statutory notice period for the AGM, five days for printing of accounts, seven days statutory notice for the Board of Directors/Board Audit Committee, and two days for preparing the agenda related to accounts and related party transactions. The longest period, 20 days, is allocated for incorporating adjustments and reviews by external auditors.
The company continues to await the OGRA's decision, which remains critical for the financial health and regulatory compliance of SNGPL.