Hashmi Can Co. in process of starting a new line of business

January 20, 2022 (MLN): Hashmi Can Company Limited is in process of getting the necessary amendment done in its memorandum for starting a new line of business, as the SECP has graciously set aside the winding-up order, the company said in its progress report issued to exchange.

Now the company will be able to join CDC and become regular in all respects again, the report said.

The company further stated that it has recovered many necessary records required by the Auditors in absence of which they have been giving disclaimer in the annual reports.

Hopefully, this issue will be resolved as well,” the company said.

To recall in January 2019, the Board of Directors of the company decided to start voluntary de-listing and buyback of minority shareholders, after business shut down and subsequent termination of all employees in 2011 due to illegal strikes/activities of workers’ union.

Also, Company in a detailed Independent Auditor’s Report for the Year ended June 30, 2019, stated that the closure of the company's operations was due to an illegal strike by the unionized workers, which led to the termination of all employees.

Due to this, the company’s business abruptly shut down, resulting in claims of customers with pending orders which were settled by personal resources of the sponsors along with several litigations at Labor Courts, NIRC and High Court.

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