January 3, 2020 (MLN): Pakistan Stock Exchange (PSX) has decided to continue suspension of trading shares of the companies which have not so far removed the causes of suspension, or given period of 60 days effective from January 02, 2020
The companies that placed on the ‘defaulters’ counter for violations under section 5.11.1 of the listing regulations include:
Regal Ceramics Limited, Azmat Textile Mills Limited, Kaiser Arts and Craft Limited, Pak Leather Crafts Limited, S.G Allied Business Limited, Pak Industrial & Commercial Leasing Limited, Dadabhoy Sack Limited, Nina Industries Limited, Dominion Stock Fund Limited and Investec Mutual Fund Limited.
Pak Leather Crafts Limited and S.G Allied Business Limited has been given time of 60 days effective from January 05, 2020.
Charges under section 5.11.1 include (A) failure to commence commercial production for within 90 days of the date of commencement of commercial production disclosed in its prospectus; (B) Suspension of commercial operations for a continuous period of one year; (C) failure to hold annual general meetings for two consecutive years; (D) failure to submit its annual audited account for two consecutive years; (E) failure to pay annual listing fees of the bourse for two years/penalties and other dues; (F) failure to induct shares in the Central Depository System (CDS); (G) suspension of CDS eligibility by CDC; (H) revocation of CDS eligibility by CDC; (I) any concerns/disclaimer or an adverse opinion issued by the auditor in the audit report; (J) license of the listed company revoked by the commission or licensing authority; (K) failure to comply with any provision of the chapter; (L) show cause notice issued for winding up by the Commission and (M) winding up petition filed by creditors/ shareholders in the court.
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