December 23, 2019 (MLN): D.M Industries Limited (Formerly D.M Textile Mills) via notification to PSX, has notified that it has taken all required and possible measures to rectify the non- compliances. Moreover, in compliance of relevant laws, rules, regulations and procedures, the Principal Line of Business of the Company has been changed.
In addition, the name of the Company has also been changed to reflect the new line of business.
Therefore, SECP’s Certified amended Memorandum of Association of the company and the new Incorporation Certificate has already been submitted to the exchange.
In accordance with the amended Memorandum of Association, the Company shall be preparing its half yearly accounts based on the duly approved principal line of business, hence the rental income earned by the Company and currently being shown under the heading “other income” in periodic accounts shall stand classified as main income /revenue from its principal line of business in all future accounts.
Further, the management of the Company are of the view that there exist no doubts upon Company’s ability to continue as a going concern. They are hopeful that there will be no qualification/adverse opinion on account of going concern by the auditors in their review report to the members on half yearly accounts for the period ended December 31, 2019.
Keeping in view the aforesaid facts, the company requested the authority to not take any action against the Company and remove its name from Defaulters’ Segment and also defreeze the shares of its Directors.
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