December 6, 2021 (MLN): Pakistan Stock Exchange has placed Clover Pakistan Limited (CLOV) in the defaulter’s segment with effect from Monday, December 06, 2021, for failing to hold an annual general meeting (AGM) and submitting annual audited accounts for the year ended June 30, 2021, as per the notice by the PSX on Friday.
According to the rules of the exchange, a listed company failing to submit annual audited accounts for the preceding financial year and not holding an AGM would get placed in the defaulter’s segment.
However, if such company fails to submit its annual accounts for two consecutive years, trading in shares of the company shall be suspended immediately by the Exchange and the company shall be given 90 days to rectify the non-compliance, failing which, the Exchange shall initiate further actions against the company commencing from Regulation 5.11.2(e), read the notification.
Meanwhile, a separate notification sent to the exchange by the National Clearing Company of Pakistan Limited (NCCPL) said that this event leads to action under clauses 7A.3.5, 7B.3.1.4 and 7E.2.1.1 of NCCPL Regulations, 2015.
Accordingly, in pursuance of provisions stipulated in the above-mentioned clauses of NCCPL Regulations, 2015, Clover Pakistan Limited shall be excluded from the list of SLB eligible securities, MF eligible securities, and MSF eligible securities with effect from Monday, December 06, 2021.
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