June 15, 2022 (MLN): Hashmi Can Company Limited (HACC) has initiated necessary steps for seeking the removal of suspension at PSX due to the fact that the matter of winding up against the Company already stands set aside by the SECP.
Vide this Order, the Commission had advised the Company directors to expedite the revival of the Company.
In view of the foregoing, and considering the market situation, the Company has resolved to revive the Company's operations in a different line of business for which the shareholders’ approval is being sought for the EOGM planned on Jul 22nd, 2022 instead of the buy-back of shares to convert the Company into an unlisted Company.
The above decision is deemed to be in the best interest of the shareholders as the revival would enable the Company to restore its normal listing status at PSX, company’s notice to bourse said.
In January 2022, the company informed that it was 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.
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.
