Karachi, Ansari Sugar Mills Limited finds itself in hot water for its alleged non-compliance with PSX Regulations 5.11.1.(c) & (d). On December 23, 2021, the Senior Civil Judge, Karachi (South), delivered a significant ruling, disposing of two applications (Civil Suit # 579/2021 and 143/2020) while rejecting the plaintiff's plea.

The legal proceedings leading up to this ruling have been marked by a directive from the Hon'ble Court, ordering all parties involved to maintain the status quo through a stay order until the date of the judgment, which was December 23, 2021.

In response to this legal setback, Ansari Sugar Mills Limited has filed a first appeal with the Additional District Judge Karachi South. The upcoming hearing for both appeals is scheduled for September 16, 2023.

Ansari Sugar Mills Limited has asserted that their failure to hold Annual General Meetings (AGMs) was not intentional or deliberate but rather in strict compliance with the orders issued by the Hon'ble Court. The company now faces increased regulatory scrutiny and potential consequences for its actions or inactions in light of these legal proceedings.