PSX highlights non-compliance by four listed companies

June 25, 2025 (MLN): The Pakistan Stock Exchange (PSX) has issued a notice regarding the ongoing non-compliance of four listed companies with its regulations, following earlier notices PSX/N-405 and PSX/N-406 dated April 21, 2025.

The companies involved are Amtex Limited (AMTEX), Dewan Mushtaq Textile Mills Limited (DMTM), Crescent Jute Products Limited (CJPL), and Dewan Textile Mills Limited (DWTM).

PSX had previously directed the sponsors and majority shareholders of these companies to undertake a compulsory buy-back due to their continuous failure to settle outstanding dues, as per the notice issued by PSX.

Amtex Limited (AMTEX) has been found in breach of Clauses 5.11.1.(d) and 5.11.1.(g).

Dewan Mushtaq Textile Mills Limited (DMTM) has violated Clauses 5.11.1.(a), (b), (c), (d), and (g).

Crescent Jute Products Limited (CJPL) is non-compliant with Clauses 5.11.1.(a), (d), and 5.11.2.(a).

Similarly, Dewan Textile Mills Limited (DWTM) has failed to comply with Clauses 5.11.1.(a), (d), (g) and 5.11.2.(a), (c).

The companies have been granted time until July 21, 2025, to rectify the non-compliance with PSX Regulation 5.11.1.(d) or comply with the compulsory buy-back direction.

Failure to comply within the stipulated time will result in PSX forwarding the cases of Amtex Limited and Dewan Mushtaq Textile Mills Limited to the Securities and Exchange Commission of Pakistan (SECP).

This action will be taken under Clause 5.11.3.(g) for initiation of winding-up proceedings under the Companies Act, 2017.

For Crescent Jute Products Limited and Dewan Textile Mills Limited, where winding-up proceedings have already been initiated by SECP, any further action(s) will be undertaken in accordance with the relevant provisions of the PSX Regulations.

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