AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: The Securities and Exchange Commission of Pakistan (SECP) has approved an extension for Saritow Spinning Mills Limited to hold its Annual General Meeting (AGM) for the fiscal year ended June 30, 2024. The company is now scheduled to convene the meeting by November 27, 2024.
In a document dated September 26, 2024, Saritow Spinning Mills Limited requested an extension under Section 132 in conjunction with Section 223 of the Companies Act, 2017. The extension was sought to allow adequate time for the preparation and presentation of the company’s audited annual financial statements. According to information available from the Pakistan Stock Exchange (PSX), this postponement is aimed at providing shareholders ample opportunity to review the financial results before their presentation at the AGM.
The approval from the SECP comes with a stipulation that the company must adhere to all regulatory requirements and timelines specified under the Act. Non-compliance with these stipulations could prompt further action by the Commission.