Islamabad, Feb 4: The Pakistan Stock Exchange (PSX) has decided to suspend trading in the shares of nine companies due to multiple violations of its regulations. The suspension will remain in effect until the companies address the reasons for the suspension or for a period of 60 days from February 4, 2025. This decision has been made under the powers granted by the Securities Act, 2015, and the PSX Regulations.
The companies in question have been found to have failed to comply with essential regulatory requirements, including the holding of Annual General Meetings (AGMs), the submission of audited annual accounts, and the payment of dues to the Exchange. Furthermore, many of these companies have not transferred their ordinary shares to the Central Depository System (CDS), which is a requirement for listing on the Exchange. Several of the companies are also facing winding-up petitions filed by the Securities and Exchange Commission of Pakistan (SECP), resulting in the appointment of official liquidators.
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Here is a breakdown of the affected companies:
- Regal Ceramics Limited: The company failed to hold AGMs, submit audited accounts, and pay Exchange dues. Additionally, a winding-up petition has been filed by SECP, and an official liquidator has been appointed.
- Azmat Textile Mills Limited: Similar to Regal Ceramics, this company has also failed to meet key regulatory requirements and is under a winding-up petition.
- Kaiser Arts & Krafts Limited: This company is facing similar issues, including the failure to hold AGMs, submit audited accounts, and fulfill financial obligations to the Exchange.
- Pakistan Industrial & Commercial Leasing Ltd.: Non-compliance with AGM and audit requirements, along with unpaid dues to the Exchange, has led to the suspension.
- Dadabhoy Sack Limited: This company has suspended commercial production in its primary line of business and failed to meet its financial obligations to the Exchange.
- Nina Industries Limited: In addition to regulatory violations, SECP has issued an order for the filing of a winding-up petition.
- Investec Mutual Fund Limited: The company has failed to hold AGMs, submit audited accounts, and pay dues to the Exchange, with a winding-up petition filed by SECP.
- Business & Industrial Insurance Company Limited: This company is in violation of several regulations, including non-payment of dues, and has been involved in winding-up proceedings.
- Salman Noman Enterprises Limited: The company has suspended its primary line of business for over a year, failed to pay dues, and has faced legal action from SECP for a winding-up petition.
The suspension of these companies reflects the PSX’s commitment to maintaining transparency and accountability in the financial markets. It is important for companies listed on the Exchange to adhere to regulatory standards to ensure a fair and efficient market.
