Pakistan Hotels Developers’ Winding Up Still Pending

The liquidators of Pakistan Hotels Developers Limited (PSX: PHDL) have informed shareholders that the company’s winding-up process is ongoing, with tax and legal cases still pending, according to the company’s disclosure to the Pakistan Stock Exchange (PSX).

The liquidators said they are actively pursuing a beneficial winding-up and are regularly sharing material updates with the PSX in line with the Securities Act, 2015 and PSX regulations.

As part of the liquidation process, the company is seeking a No Objection Certificate (NOC) from the Federal Board of Revenue (FBR) to enable deregistration from the National Tax Number (NTN) system. The process includes amendments to tax assessments for tax year 2025, initiated by the FBR in December 2025 in connection with liquidation proceedings. The liquidators said all tax matters are being closely monitored to allow early completion of the winding-up.

The company also has pending legal cases, including disputes with Saudi Arabian Airline, details of which have previously been disclosed in audited financial statements. The liquidators and legal team are working to resolve these matters either through court proceedings or out-of-court settlements to facilitate early closure.

Due to the ongoing status of the winding-up, the liquidators have filed a petition (JCM 01 of 2026) before the Sindh High Court seeking an extension of the liquidation period under Section 372(5) of the Companies Act, 2017. The request remains pending, and its intimation was disclosed to the PSX on December 26, 2025.

The liquidators reiterated their commitment to completing the winding-up in the shortest possible time and urged shareholders to refrain from spreading any false or misleading information regarding the liquidation process.