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CSIL requests PSX, SECP to investigate affairs of DSL

CSIL assigns advance to new investors in DSL
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November 15, 2022 (MLN): Crescent Star Insurance Limited (CSIL) has requested the Pakistan Stock Exchange (PSX) and Security Exchange Commission of Pakistan (SECP) to investigate the affairs of Dost Steels Limited (DSL), the company filing on PSX showed today.

This development come right after the DSL’s claim CSIL on November 14, 2022, an obstacle to the deal finalized with potential investor Mr. Shahzeb Akram and others.

“The information disclosed through the subject matter was not only false and misleading but was made with malafide intentions to defame CSIL,” it added.

 It is surprising to note that the material information does not disclose the agreement reached between Mr. Shahzeb Akram, CSIL, and Dost Steels Limited sponsors on 27-08- 2022. 

"It seems that DSL. sponsors and management have distorted and misrepresented facts and continue to make decisions that are detrimental to the interest of the company, its shareholders, and its creditors," it noted.

DSL sponsors/management need to explain why the agreement dated 27-08-2022 is not being implemented. Thus, requesting PSX and SECP to investigate the affairs of DSL.

Mr. Naim Anwar and CSIL further reserve the right to initiate any and all legal proceedings against DSL for maligning their names, it said.

Posted on: 2022-11-15T15:50:32+05:00