APPOINTMENT OF CROWE HUSSAIN CHAUDHURY and CO. AS EXTERNAL AUDITORS FOR SAZGAR ENGINEERING WORKS LIMITED

Karachi: The Securities and Exchange Commission of Pakistan has officially approved M/S Crowe Hussain Chaudhury and Co., Chartered Accountants, as the external auditors for Sazgar Engineering Works Limited. The approval, effective from June 29, 2024, extends until the next annual general meeting, aligning with the stipulations of Section 246(6) of the Companies Act, 2017.

According to information available from the Pakistan Stock Exchange (PSX), this announcement follows a previous application from Sazgar Engineering Works Limited, seeking the Commission’s approval for the appointment. The application, submitted on June 29, 2024, proposed M/S Crowe Hussain Chaudhury and Co. as the new statutory auditors of the Company.

The approval from the Commission not only confirms the appointment but also ensures compliance with both the Companies Act of 2017 and the rigorous standards required for external auditors. While this approval secures the auditor’s role until the forthcoming annual general meeting, it is issued without prejudice, reserving the Commission’s right to initiate any action against non-compliance with the Act’s requirements.

Certificate Holders of the Exchange have been informed of this pivotal appointment, as mandated under the Securities Act of 2015 and PSX Regulations.

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