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Lahore, Sui Northern Gas Pipelines Limited has requested a 60-day extension for the submission of its nine-monthly financial accounts for the period ending March 31, 2024. This request was made to the Pakistan Stock Exchange under section 237 of the Companies Act, 2017, which mandates that quarterly financial statements be prepared within 30 days of the third quarter’s close.
The company initially applied for an extension to hold its Annual General Meeting and the presentation of the yearly accounts on March 8, 2024, through letter number ACC-501-004-24. This extension would move the date to July 29, 2024, for shareholder consideration. The Securities and Exchange Commission of Pakistan (SECP) has acknowledged the receipt of this application and stated that it is currently under review in their letter dated April 16, 2024.
Additionally, the half-yearly accounts will undergo a limited scope review by the statutory auditors. The auditors for the fiscal year 2023-24 are to be appointed at the upcoming Annual General Meeting, after which they will conduct their reviews. Due to these circumstances, the company has requested that the nine-monthly accounts be released concurrently with the third-quarter accounts post-review.
Muhammad Raheel Farooq, General Manager of Accounts at Sui Northern Gas Pipelines, has affirmed that all information and documents submitted are accurate to his knowledge.