HC dismisses winding up petition against Drekkar Kingsway

December 9, 2021 (MLN): The honorable Islamabad High Court has dismissed the winding-up petition against the Drekkar Kingsway Limited (DKL) as withdrawn, company filing on bourse said today.

In a notice, the company requested the bourse to remove the suspension of trading of DKL on the trading counter as one of the reasons for defaulter’s segment, suspension and de-listing under regulation no. 5.11.1 (l) has been rectified.

As a result of the above, the company's corporate status stands restored to implement the Revival Business Plan approved by the Company’s shareholders in their annual general meeting held on October 22, 2021, the notice said.

Furtherance to the above development, the board of directors shall be taking the following corporate actions:
1. Implementation of Revival Business Plan;
2. Change of Name of the Company to the proposed name of Oilboy Energy Limited to represent its revised/intended business activities;
3. Increase in the Company’s authorized capital to Rs1.60billion;
4. Change in Object Clause of the Memorandum of Association of the Company;
5. Adoption/Change of Articles of Association of the Company.

Moreover, the board of directors of the company are in the process to restore the “Going Concern Assumption” and arranging the updated “auditors’ opinion” in this regard and removing the other reason of Defaulters’ Segment under Regulation no. 5.11.1 (i).

To recall, in September’21, the management of DKL informed that the company was in negotiation with Modaraba Al-Mali for the revival and rehabilitation of the Company.

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