Karachi, May 25, 2012 (PPI-OT): Please refer to our letter Ref No. CL-070/ 12 dated April 26, 2012 in respect of the aforesaid subject.
We are pleased to inform that the Securities and Exchange Commission has granted approval to the Company to change its financial year from June 30 to December 31 along with requisite permissions /approvals for holding of next annual general meeting and presentation of accounts therein. In this connection, please find enclosed a copy of the letter no. EMD/293/644/2002-1549, dated May 24, 2012 received from the Honorable Commissions.
In accordance with the above approval the current financial year has been extended to eighteen months to end December 31, 2012.
Reference is made to the application dated May 14, 2012 filled with the Commission pertaining to the above mentioned subject.
2. In view of the circumstances mentioned in the said application, I am directed to inform you that the competent authority has granted approval to the Jahangir Siddiqui & Company Limited (the “Company”) to change its financial year from June 30 to December 31, in accordance with the provisions of the Section 238 of the Companies Ordinance 1984. The Company is also allowed with the following approvals/ permissions:
Waiver of the requirement for laying accounts before the shareholders for calendar year 2012.
To prepare accounts for a period of eighteen (18) months period starting from July 01, 2011 to December 31, 2012.
Waiver from holding of annual general meeting for the calendar year 2012.
Extension for holding of annual general meeting of the Company for the calendar year 2012 up to April 30th 2013 i.e. beyond fifteen months form last preceding annual general meeting.
3. The approval is subject to the following Conditions;
a. Intimate all the shareholders, stock exchanges and other shareholder about this change in financial year of the Company, immediately.
b. Circulate, to the shareholder, stock exchanges and the Commission, the financial statements of the Company for the period from January 1, 2012 to June 30, 2012, duly reviewed by the statutory auditors of the Company.
4. The approvals is being granted without prejudice to any other action which the Commission may take under the law.
For more information, Contact:
Shahzad Afzal Khan
Joint Director – Enforcement
Jahangir Siddiqui & Company Limited
6th Floor, Faysal House, Shahrah-e-Faisal
UAN: +92 21 111 574 111
Dir: +92 21 3279 9556
Fax: +92 21 3280 0090