Extension Granted for First Fidelity Leasing Modaraba’s Annual Review Meeting

Karachi: First Fidelity Leasing Modaraba has been granted an extension for the period to hold their Annual Review Meeting for the financial year ended June 30, 2024. According to the Pakistan Stock Exchange (PSX), the Securities and Exchange Commission of Pakistan (SECP) approved this extension, allowing the company an additional 30 days from the initially stipulated deadline.

The request for extension, originally made on October 8, 2024, outlined the need for additional time due to the annual accounts for the financial year ending June 2024 still being under preparation. The delay was attributed to incomplete audits, which necessitated the submission of first quarterly accounts for the period ended September 30, 2024, within the new timeframe extending up to November 30, 2024.

SECP responded on October 21, 2024, with an approval that extends the deadline from October 30 to November 30, citing provisions from Chapter 12 of the Consolidated Circular dated December 28, 2022. The extension is strictly for the purpose of holding the Annual Review Meeting, as specified under section 132 of the Companies Act 2017, which mandates such meetings to be held within 120 days post the fiscal year-end.

In the communication to First Fidelity Leasing Modaraba, SECP has also directed the submission of the Modaraba’s first quarterly accounts by the new deadline. This directive aligns with regulatory requirements to ensure transparency and timely disclosure of financial performance to shareholders and the broader market.

This approval ensures that First Fidelity Leasing Modaraba remains compliant with financial regulations, providing additional time to finalize their financial statements responsibly.

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