The Pakistan Stock Exchange (PSX), on Tuesday, placed Pakistan International Airlines Corporation Limited (PIA) in the defaulters’ segment for not holding its Annual General Meeting and submitting its Annual Audited Accounts for the year that ended December 31, 2017.
According to the PSX, the listed company may be placed in the defaulter’s segment if,
It has failed to hold its one Annual General Meeting as per law; Upon placement of such company on the Defaulters’ Segment, the Exchange shall only initiate actions under Regulation 5.11.2(a) and 5.11.2(b).
However, if such a company fails to hold its Annual General Meeting 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 actions against the company commencing from Regulation 5.11.2(e).
It has failed to submit its annual audited accounts for the immediately preceding financial year as per law.
Upon placement of such a company on the Defaulters’ Segment, the Exchange shall only initiate actions under Regulation 5.11.2(a) and 5.11.2(b). However, if the said company fails to 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 actions against the company commencing from Regulation 5.11.2(e).
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In the above context, the exchange announced that in line with the requirements of Clauses 5.11.1.(c) & (d) of PSX Regulations, Pakistan International Airlines Corporation Limited will be placed in the Defaulters’ Segment of the Exchange w.e.f. Wednesday, October 10, 2018.
PIA’s script at the Stock exchange was trading at Rs 4.35, down by Rs 0.62 with a turnover of 1.61 million shares.
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