Karachi: Three companies listed on the Pakistan Stock Exchange (PSX) have been issued a final notice to rectify breaches of PSX Regulation 5.11.1.(d), specifically regarding the non-payment of outstanding dues to the Exchange. Chenab Limited, First Capital Equities Limited, and Khalid Siral Textile Mills Limited have until August 28, 2024, to address these issues or face further regulatory actions.

According to a notice from PSX dated May 31, 2024, Chenab Limited, along with its ordinary and preference shares, First Capital Equities Limited, and Khalid Siral Textile Mills Limited, were given a 90-day deadline to clear their dues with the Exchange. Chenab Limited is cited for not settling financial obligations on time. First Capital Equities Limited and Khalid Siral Textile Mills Limited, in addition to failing to meet their financial dues, have both suspended commercial production in their principal lines of business.

Khalid Siral Textile Mills Limited has faced additional scrutiny as its statutory auditor has issued an adverse opinion in its audit report. According to information available from the Pakistan Stock Exchange (PSX), these companies must meet the compliance requirements by the specified deadline to avoid further consequences under PSX Regulation 5.11.3.(d).

In the event that the companies correct their non-compliance, there will be changes in their listing segments. Companies numbered 2 and 3 in the notice—First Capital Equities and Khalid Siral Textile Mills—will remain in the Defaulters' Segment, soon to be renamed as Non-Compliant or Winding-up Segment. Conversely, Chenab Limited will be moved to the Normal Counter of the Exchange if it fulfills all regulatory requirements.

This directive highlights the ongoing efforts by PSX to enforce compliance among its listed entities, ensuring that financial disciplines are adhered to for the stability of the capital market.