Karachi: The Pakistan Stock Exchange (PSX) has reiterated its demand for compliance by several listed companies that have failed to meet regulatory requirements, specifically regarding outstanding dues. With a deadline set for August 28, 2024, these entities are under significant pressure to rectify their non-compliance to avoid further regulatory action.
Further to a series of notices issued by PSX—the most recent being PSX Notice No. PSX/N-790 on August 13, 2024—Chenab Limited, First Capital Equities Limited, and Khalid Siraj Textile Mills Limited have been highlighted for their failure to clear outstanding dues within the stipulated 90-day period initiated on May 31, 2024. These companies have been under scrutiny not only for financial delinquencies but also for operational disruptions, such as the suspension of commercial production in principal lines of business.
According to information available from the Pakistan Stock Exchange (PSX), the failure of these companies to comply has led to a severe notice that further actions could include compulsory buyback directions to majority shareholders or sponsors under subsequent provisions of PSX Regulation 5.11.3.(e). This regulatory mechanism is designed to ensure that companies adhere to financial obligations and maintain operational standards expected of publicly traded entities.
Chenab Limited, listed under both ordinary and preference categories, along with First Capital Equities Limited and Khalid Siraj Textile Mills Limited, have until the end of August to address these issues. Notably, if the compliance is met, the companies listed as serial numbers 2 and 3 will remain in the Defaulters' Segment, now to be renamed as the Non-Compliant or Winding-up Segment. Conversely, Chenab Limited will be moved to the Normal Counter of the Exchange upon fulfillment of the relevant regulatory requirements.
The situation underscores PSX's commitment to maintaining market integrity and enforcing compliance among its listed companies to protect investor interests and market stability.