January 01, 2023 (MLN): Pakistan Stock Exchange (PSX) has shifted Dewan Farooque Motors Limited (DFML) from “Defaulters’ Segment” to “Normal Counter” with effect from Monday, January 02, 2023, as the Securities Exchange Commission of Pakistan (SECP) dropped the winding-up proceedings initiated against the company, the notification issued by PSX revealed.
Further, the auditor of DFML, Feroze Sharif Tariq and Company, Chartered Accountants has shared the certificate, stating that the substantial measures and various arrangements undertaken by DFML subsequent to its execution of the Technical License Agreement with KIA Corporation, Seoul, Republic of Korea, lead to reverse the adverse opinion expressed by them on the financial statements for the year ended June 30, 2022.
Hence, DFML has rectified the non-compliances with PSX Regulations.
DFML has been advised to ensure meticulous compliance with all applicable rules and regulations so that the interests of minority shareholders remain protected at all times, the notice added.
