Blue-Ex Limited Granted Regulatory Extensions for Financial Reporting and AGM Amid Operational Adjustments

Karachi: Blue-Ex Limited, a Karachi-based logistics company, has received regulatory approvals for extended deadlines on several compliance fronts from the Securities and Exchange Commission of Pakistan (SECP). The company is navigating through a period of significant adjustments requiring more time to finalize their financial statements and convene their Annual General Meeting (AGM).

According to a recent application approved by SECP, Blue-Ex Limited has secured a thirty-day extension for the submission of its first quarter accounts for the year, setting the new deadline to November 29, 2024. This extension, granted under Section 237(1)(b) of the Companies Act, 2017, is aimed at providing the company sufficient time to ensure accurate financial reporting amid ongoing internal reviews. The application detailed that a fee of PKR 15,025 was paid through MCB Bank Limited, Nursery Branch, Karachi, as part of the filing requirements.

Furthermore, SECP has allowed Blue-Ex Limited an extension until November 27, 2024, to hold its AGM, originally due for June 30, 2024. This extension was issued under Sections 132 and 223 of the Companies Act, 2017, which facilitates companies in special circumstances to delay their AGM and the presentation of their annual financial statements. According to information available from the Pakistan Stock Exchange (PSX), such extensions are critical for companies experiencing significant operational changes or challenges.

The company’s compliance with these regulatory provisions reflects its commitment to maintaining rigorous financial governance and transparency. These adjustments are pivotal as they allow Blue-Ex Limited additional time to address any complexities arising during this transitional phase without facing penalties for non-compliance.

Blue-Ex Limited, by securing these necessary regulatory reprieves, demonstrates proactive engagement with regulatory bodies to ensure continued compliance and transparency in its operations, crucial for maintaining stakeholder trust during periods of significant operational adjustments.