SECP advises DSL to resolve pending litigation with CSIL

MG News | November 14, 2022 at 01:02 PM GMT+05:00

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November 14, 2022 (MLN): The Security Exchange Commission Pakistan (SECP) has advised Dost Steel Limited (DSL) to resolve all pending issues with CIL before requesting approval for the issuance of 29% shares through other than rights mechanism, the company’s filings on stock exchange showed on Monday.

Early, on Feb’22 DSL sought approval of the shareholders in its EOGM for an investment of Rs524 million by an investors group for the issue of up to 29% fresh shares into the company through an otherwise rights mechanism subject to special approval from SECP.

“The company made an application to SECP on 15 Apr’22 and completed all the formalities with respect to the approval”, the report added.

However, certain complaints were filed by CSIL requesting SECP to not approve the company's above-mentioned application till various issues and litigation between CSIL and the company are settled.

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