Jubilee Spinning and Weaving Mills Ltd requests PSX to remove company’s name from Defaulters' Segment

December 09, 2020 (MLN): Jubilee Spinning and Weaving Mills Limited, in its progress report has updated that the Securities & Exchange Commission of Pakistan (SECP) has approved the form-26 related to change of principal line of business of the company.

Earlier, the company had applied two separate Form-26 to SECP. One application was for the change of principal line of business of the company under main object clause in the Memorandum of the Company and the second application was for the change of company name after getting approval from the general shareholders on May 29, 2020.

As per the progress report, the company is awaiting the approval of second form-26 related to change of company name, which is pending due to Consent of Secured Creditors of the Company for which the company has already requested the concerned financial institutions.

Further company informed that as soon as it receives No Objection Certificate (NOC) from Secured Creditors, it will submit to the SECP for such approval and after which company will apply for Certified True Copy of Memorandum of Association to the SECP.

On the basis of approved Form-26 for the Memorandum of the Company, the company has requested PSX to remove its name from the Defaulters' Segment under sub-clause 5.11.1(a) and (b) of the PSX Regulations.

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