Karachi: Bela Automotives Limited ("BELA") has been officially notified to settle its outstanding dues with the Pakistan Stock Exchange by November 11, 2024, to rectify a previous non-compliance under PSX Regulation 5.1.1.1(d). This regulation mandates the timely payment of penalties imposed by the exchange, a requirement that BELA has failed to meet, triggering subsequent notifications and a final compliance deadline.

The notice, issued on November 4, 2024, is a follow-up to earlier communications from the PSX, including Notice No. PSX/N-791 and PSX/N-998, emphasizing the urgency of resolving the penalty issue that originated from an August 13, 2024, directive. Should BELA fail to meet the upcoming deadline, further actions may include a risk warning alert and potential listing in the PSX’s 'Defaulter's Segment,' soon to be renamed as 'Non-Compliant Segment.'

According to information available from the Pakistan Stock Exchange, the continuous non-compliance could also lead to more severe consequences for BELA, such as suspension of business operations and an adverse opinion from its auditors in its annual financial report. This series of events underscores the importance of adherence to financial regulations set by market overseers to maintain order and investor confidence in the marketplace.

All relevant parties, including regulatory bodies and the company’s auditor, have been alerted to monitor and ensure compliance with the stipulated financial norms. BELA now faces a critical juncture to address its regulatory obligations and prevent further penalties or operational hindrances.