PHDL issues clarification on winding-up process

July 30, 2025 (MLN): Pakistan Hotels Developers Limited (PSX: PHDL) has issued an official notification to all shareholders, addressing various queries and concerns regarding the company's ongoing winding-up process, according to the company's filing on PSX revealed today.

The liquidation of PHDL commenced on December 31, 2024, following the approval of a Special Resolution passed in the General Meeting of members.

 As per the requirements laid out in the Companies Act, 2017, the company aims to complete the winding-up proceedings by the end of December 2025

The liquidators stated that the process involves the settlement of all debts, taxes, liabilities, and resolution of any ongoing court cases.

However, if unforeseen delays hinder the timely completion of the proceedings, PHDL plans to seek a twelve-month extension from the High Court of Sindh, based on valid grounds and supporting facts.

Currently, PHDL is in the process of preparing its financial statements for the fiscal year ended June 30, 2025.

These statements will be published after an independent audit is completed. The subsequent steps including the final tax audits and payment of outstanding liabilities will be undertaken once the audited statements are submitted to the relevant revenue authorities.

The liquidators reaffirmed their commitment to keeping shareholders informed of all material developments throughout the liquidation process in a timely and transparent manner.

 Copyright Mettis Link News