Pakistan Stock Exchange has suspended trading in the shares of eight companies for breaching regulations.
The suspended companies have failed to address multiple compliance issues.
Issues comprise non-holding of Annual General Meetings (AGMs), non-submission of annual audited accounts, failure to pay PSX dues, and non-induction of ordinary shares into the Central Depository System (CDS).
Some companies also face legal proceedings, including winding-up petitions filed by the Securities and Exchange Commission of Pakistan (SECP).
The companies under suspension are:
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Regal Ceramics Limited – Failed to hold AGMs, submit accounts, pay dues, induct shares into CDS; winding-up petition filed; official liquidator appointed.
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Azmat Textile Mills Limited – Similar defaults as Regal Ceramics; official liquidator appointed.
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Kaiser Arts & Krafts Limited – Same as above.
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Pakistan Industrial & Commercial Leasing Ltd. – Failed on AGM, account submission, dues, and CDS compliance.
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Dadabhoy Sack Limited – Suspended commercial production, unpaid dues, non-induction into CDS.
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Nina Industries Limited – Failed AGMs, account submission, dues, CDS compliance; SECP has ordered winding-up proceedings.
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Investec Mutual Fund Limited – Same issues as Nina Industries; winding-up petition already filed.
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Salman Noman Enterprises Ltd. – Suspended core business for over a year, unpaid dues, audit report disclaimer, and facing a winding-up petition by SECP.
The PSX took the decision under Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of its regulations.
The suspension will remain in effect until the companies rectify the identified defaults or for a further period of 60 days, whichever comes first.
