Karachi: The PSX has announced its decision to forward the case of Bilal Fibres Limited (BILF) to the Securities & Exchange Commission of Pakistan (SECP) for potential winding-up proceedings. This decision follows BILF's failure to meet regulatory compliance as stipulated under PSX Regulation 5.11.1.(d), which mandates the timely payment of outstanding dues.

According to information available from the Pakistan Stock Exchange (PSX), the issue first came to light with PSX Notice No. PSX/N-385 dated April 29, 2024, where the Exchange issued a compulsory buy-back directive to the sponsors and majority shareholders of Bilal Fibres due to ongoing non-compliance. Subsequent notices, including PSX/N-613 on June 28, PSX/N-673 on July 15, and PSX/N-686 on July 22, detailed further compliance deadlines.

Despite these notices, Bilal Fibres Limited did not rectify its failure to comply by the final deadline of July 29, 2024. As a result, under clause 5.11.3.(g) of the PSX Regulations, the Exchange is moving forward by referring BILF to the SECP. This referral could lead to winding-up proceedings under the Companies Act, 2017, aimed at addressing the ongoing regulatory issues.