Karachi, April 11, 2025 – The Securities and Exchange Commission of Pakistan (SECP) has officially rejected a request by Hascol Petroleum Limited for a 30-day extension to hold its Annual General Meeting (AGM).
This decision was conveyed in a formal notice issued by SECP and disclosed by Hascol in a communication to the Pakistan Stock Exchange (PSX) on Friday.
According to the company, Hascol had sought additional time to convene its AGM and present its audited financial statements for the fiscal year ending December 31, 2024. However, the regulatory authority did not find the justifications provided by Hascol to be adequate.
The SECP stated in its response: “The reasons mentioned by the company are not found to be cogent and therefore, the requested extension in terms of Section 132 read with Section 223 of the Companies Act, 2017 is not granted. The company is advised to ensure strict compliance with the relevant provisions of the Act.”
Furthermore, the SECP emphasized that the letter denying the extension has been issued with the approval of the competent authority. The Commission also reserved the right to initiate further regulatory action if Hascol fails to meet its legal obligations under the Companies Act, 2017.
This development places Hascol Petroleum under pressure to urgently hold its AGM and finalize its financial disclosures to shareholders within the timeline stipulated by law. Any delay may expose the company to penalties or further scrutiny by the SECP.
The rejection marks another challenge for Hascol, which has been navigating a period of financial and operational restructuring in recent years. Market analysts suggest that regulatory compliance remains a key area for the company as it attempts to regain the confidence of investors and shareholders.
The SECP’s firm stance in this matter reflects the regulator’s ongoing efforts to enforce corporate governance standards and ensure timely financial transparency within Pakistan’s capital markets. Hascol, on the other hand, now faces a tight deadline to fulfill its statutory obligations without further leniency.