Karachi: The Pakistan Stock Exchange (PSX) has issued a reminder to several companies about their pending regulatory requirements, specifically the need to hold Annual General Meetings (AGMs) and submit Annual Audited Financial Statements. These requirements stem from earlier notices, PSX Notices No. PSX/N-1203 and 1204 dated November 29, 2023, and PSX Notice No. PSX/N-520 dated May 31, 2024, which highlighted non-compliances under then PSX Regulations 5.11.1.(c) and (d), now renumbered as 5.11.1.(b) and (c).

The companies named include Dewan Mushtaq Textile Mills Limited, Hira Textile Mills Limited, Sitara Peroxide Limited, Huffaz Seamless Pipe Industries Limited, Dewan Khalid Textile Mills Limited, and Globe Textile Mills Limited. Each of these firms has faced issues with non-compliance related to holding their AGMs and submitting required financial documents for the fiscal year ending June 30, 2023. According to information available from the Pakistan Stock Exchange (PSX), these companies are approaching a critical deadline on October 28, 2024, to fulfill these obligations for the fiscal year ending June 30, 2024.

Failure to meet these requirements within the stipulated time may lead to the suspension of trading of shares for the companies listed from Sr. No. 1 to 4, as per PSX Regulations 5.11.1.(b) and (c). Additional actions could also be triggered under PSX Regulation 5.11.3. Companies already suspended, such as those listed at Sr. No. 5 and 6, face continued restrictions and are involved in winding-up proceedings initiated by the Securities and Exchange Commission of Pakistan (SECP) or creditors.

The PSX has reiterated the importance of adherence to regulatory guidelines to maintain orderly trading and protect the interests of investors. The notice serves as a final call for these companies to address their regulatory deficiencies and avoid further punitive measures.