In a follow-up notice to previous warnings in the matter, the PSX has suspended trading of Pakistan Guarantee Insurance Company Ltd. due to its non compliance despite earlier notices.
In a statement issued by PSX, “Further to our various Notices on the subject matter, last of which was notified by the Exchange vide Notice No. PSX/N-2168 dated April 07, 2017.”
Furthermore, the notice delved into the details stating, “Since M/s. Pakistan Guarantee Insurance Company Limited has not so far removed the cause(s) of suspension of trading in its shares relating to non-compliances of Clause(s) 5.11.1 .(b)(c)(e)&(g) of PSX Regulations i.e. failed to hold the Annual General Meeting, windingup petition has been filed against the company, non-payment of dues of the Exchange and non-induction of ordinary shares into CDSJit has been decided that trading in the shares of the Company shall remain suspended until such time the cause(s) of suspension have been rectified or another period of 60 days effective from June 07, 2017.”
“The decision has been taken in exercise of the powers vested in the Exchange under Sub-Section (7) of Section 19 of the Securities Act, 2015 and clause 5,11 of the PSX Regulations.”
