August 4, 2022 (MLN): Pakistan Stock Exchange (PSX) has placed Apna Micro Finance Bank Limited (AMBL) in the defaulters' segment on account of failing to hold its Annual General Meeting and submitting its Annual Audited Accounts for the year ended December 2021, a notification issued by Exchange showed.
The notification states that if a company fail to hold its Annual General Meeting and submit its annual accounts for two consecutive years, trading in shares of the company shall be suspended immediately by the Exchange and the company shall be given 90 days to rectify the non-compliance, failing which, the Exchange shall initiate further action against the company.
In this context, AMBL is being placed in the defaulters’ segment of the Exchange with effect from today i.e., August 04, 2022, the notice added.
Under clauses, 7A.3.5 and 7B.3.1.4 of NCCPL Regulations 2015, a security that has been quoted on the defaulter’s segment of the Exchange and notified to the company, such security shall not be eligible for trading in the SLB market nor it will be made available on MF market from the date it has been placed on the defaulter segment.
Accordingly, in pursuance of provisions stipulated in the above-referred clauses of NCCPL Regulations, AMBL had been excluded from the list of SLB eligible securities and MF eligible securities, the notice said