PSX sends FCEL, KSTM cases to SECP over outstanding dues

MG News | November 25, 2024 at 05:27 PM GMT+05:00

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November 25, 2024 (MLN): The Pakistan Stock Exchange (PSX) is forwarding the case of First Capital Equities Limited (PSX: FCEL) and Khalid Siraj Textile Mills Limited (PSX: KSTM) to the Securities and Exchange Commission of Pakistan (SECP) for initiating winding-up proceedings against these companies.

This action comes after both companies failed to rectify their non-compliance with PSX regulations, despite being given a deadline of November 25, 2024, to address the issues.

These companies failed to pay the outstanding dues to PSX within the stipulated time and neither did they initiate the compulsory buy-back as directed.

Consequently, the local bourse is forwarding the case to SECP for further regulatory actions.

FCEL suspended commercial production in its principal line of business and failed to pay the outstanding exchange dues within the stipulated time.

Meanwhile, KSTM suspended commercial production in its principal line of business, failed to hold an AGM for the year ending June 30, 2024, and failed to transmit its annual audited financial statements for June 30, 2024.

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