DWAE rectifies penalty issue, still faces defaulter status

MG News | December 12, 2023 at 10:57 AM GMT+05:00

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December 12, 2023 (MLN): Dewan Automotive Engineering Limited (PSX: DWAE) has rectified the non-compliance of PSX Regulation by paying its outstanding penalty; however, it will remain listed in the Defaulters' Segment due to ongoing non-compliance with PSX Regulations.

The local bourse through its letter dated September 12, granted a 90-day period until December 11, 2023, to the company to address non-compliance issues, specifically related to PSX Regulation 5.11.1. (e), or comply with the compulsory buy-back direction.

However, despite paying the penalty, DWAE is authorized to fully rectify these non-compliances and fulfill all regulatory requirements under the PSX Regulations before being removed from the Defaulters' Segment.

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