Karachi, The Pakistan Stock Exchange (PSX) has announced the continuation of the suspension of trading in the shares of Sally Textile Mills Limited. This decision follows up on the earlier notice PSX/N-1020, dated October 06, 2023. Sally Textile Mills Limited has failed to rectify the causes of suspension cited in the previous notice, which include several non-compliances with Clauses 5.11.1.(b), (e), (i), and (l) of the PSX Regulations.

The specific reasons for the suspension include the suspension of commercial production and business operations in the company's principal line of business, non-payment of dues to the Exchange, an adverse opinion in the audit report, and the initiation of winding-up proceedings against the company. These issues represent significant deviations from the regulatory compliance standards set by the PSX.

As a result, the PSX has extended the trading suspension of Sally Textile Mills Limited's shares until the company addresses these issues satisfactorily. The suspension will remain in effect either until the causes of suspension are rectified or for an additional period of 60 days starting from December 06, 2023. This decision is in line with the powers vested in the Exchange under Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of the PSX Regulations.

The continuation of this suspension underscores the PSX's commitment to maintaining strict regulatory compliance and upholding the integrity of the trading environment. It serves as a reminder to Sally Textile Mills Limited and other listed companies of the importance of adhering to the Exchange's regulations and the potential consequences of non-compliance.