Karachi: The Securities and Exchange Commission of Pakistan (SECP) has authorized the Registrar, CRO, Karachi to petition for the winding-up of Agro Allianz Limited (AAL), which will now be transitioned to the Pakistan Stock Exchange’s (PSX) Winding-up Segment.

On June 27, 2023, SECP passed an order allowing the Registrar, CRO, Karachi to pursue a winding-up petition for AAL before the court. This decision was published through PSX Notice No. PSX/N-906 on September 13, 2024. According to information available from the Pakistan Stock Exchange (PSX), this move comes after AAL was already placed in the Defaulters' Segment, soon to be renamed as the Non-Compliant or Winding-up Segment, due to several non-compliances with PSX Regulations.

Specifically, AAL has suspended its principal commercial production and business operations, failed to hold its Annual General Meetings, and neglected to transmit its annual audited financial statements. As a result of these violations, PSX is mandated by clause 5.11.2. (a) of its regulations to shift AAL to the Winding-up Segment effective from September 16, 2024.

Further actions are anticipated as the case of AAL has been forwarded to SECP under PSX Regulation 5.11.3.(g), invoking relevant provisions of the Companies Act, 2017 for additional proceedings. All stakeholders are advised to take note of these developments.