Pakistan Stock Exchange (PSX) has issued a “Risk Warning Alert” for Bela Automotives Limited (BELA) after the company failed to address a regulatory non-compliance issue within the 90-day deadline set earlier this year, PSX said in a notice on Tuesday.
BELA was initially given until November 11, 2024, to pay a penalty and resolve issues under PSX Regulation 5.11.1(d), but it did not meet this requirement.
The bourse said the company failed to pay the penalty imposed by the Exchange within the specified time. “In this context, it is hereby informed to all concerned that BELA has failed to rectify the non-compliance of PSX Regulation 5.11.1.(d), within the stipulated time,” the main bourse said.
PSX explained that BELA’s non-compliance involves penalties that remain unpaid, putting the company at risk of further sanctions. This alert indicates BELA’s continuous regulatory violations and serves as a warning that it may face trading suspension or delisting if the issues are not resolved.
The company now has an additional 90 days, until February 9, 2025, to pay outstanding dues. Failure to do so could lead to further action, including a compulsory buy-back direction requiring BELA’s main shareholders to repurchase shares.
Even if BELA resolves this issue, it may still remain listed in PSX’s “Non-Compliant Segment” or “Winding-Up Segment.” This would indicate ongoing non-compliance related to halted business operations and adverse audit reports until all regulatory issues are addressed.
“It may also be noted that in case BELA rectifies the non-compliance of PSX Regulation 5.11.1.(d) within the stipulated time; it shall remain quoted on the Defaulters’ Segment [to be renamed as ‘Non-Compliant Segment’ or ‘Winding-Up Segment’] on non-compliance of PSX Regulation 5.11.1.(a) and (g) i.e. it has suspended commercial production/business operations in its principle line of business for a continuous period of one year and its statutory auditor has issued Adverse Opinion in its audit report, until rectification of all non-compliances,” the notice added.
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