Karachi, In a recent development, Ansari Sugar Mills Limited finds itself embroiled in controversy as it faces charges of non-compliance with PSX regulations. The company's failure to hold Annual General Meetings (AGMs) has raised concerns among stakeholders and regulatory authorities alike.

According to a communication received from Ansari Sugar Mills Limited, the company cites ongoing legal proceedings as the primary reason behind the delayed AGMs. On 23rd December 2021, the Senior Civil Judge in Karachi (South) reached a decision on two applications, Civil Suit # 579/2021 and 143/2020, rejecting the plaintiff's plea.

Prior to the court's decision, it had directed the parties involved to maintain status quo by virtue of a stay order. As a result, the company states that it has been adhering to the court's order, leading to the non-holding of AGMs. The company asserts that this non-compliance is neither intentional nor deliberate but a necessary step to comply with the honorable court's directives.

In response to these allegations of non-compliance, regulatory bodies are closely monitoring the situation. The Pakistan Stock Exchange (PSX) regulations, specifically Section 5.11.1.(c) and (d), emphasize the importance of timely AGMs and transparency in financial reporting. Any deviations from these regulations may result in penalties and legal consequences for the company.