May 2, 2019 (MLN): Pakistan International Airlines Cooperation Limited (PIAA) has once again failed to hold its Annual General Meeting for the year ended December 31, 2017. Further, the deadline for holding the AGM for the year ended December 31, 2018 is expiring today which was required to be held within 120 days from the date of closure of financial year i.e. up to April 30, 2019.
The company had been previously placed in the Defaulters’ segment with effect from October 10, 2018, for its failure to hold AGM and submit Annual Audited Accounts for the year ended December 31, 2017.
The non-holding of AGM and non-submission of Annual Audited Accounts for two consecutive years, therefore, attracts action of suspension of trading in its shares, a notice by PSX informed on Thursday.
However, in order to avoid immediate suspension, the company has been advised to rectify the default(s) within fourteen trading days i.e. by Tuesday, May 21, 2019, failing which trading in its shares shall be suspended with effect from Wednesday, May 22, 2019.
Upon failure of the Company to rectify its default within seven trading days i.e. by Friday, May 10, 2019, trading in the share of the Company shall be converted to SPOT (T + 0) settlement for the next seven trading days i.e. Tuesday May, 21, 2019.
