Karachi: Aruj Industries Limited and Siddiqsons Tin Plate Limited have been placed in the Non-Compliant Segment of the Pakistan Stock Exchange (PSX) following their failure to convene Annual General Meetings and present audited financial statements for the fiscal year ending June 30, 2024. This action, effective from December 05, 2024, is in line with PSX Regulations 5.11.1.(b) and (c), which address compliance failures.

According to information available from the Pakistan Stock Exchange (PSX), the companies did not meet the requirements to hold their AGMs or submit their annual audited financial statements, as mandated by regulations. These non-compliances trigger specific regulatory actions, including the possibility of a Risk Warning Alert if the companies do not rectify the situation within six months, by June 05, 2025.

The PSX regulations stipulate that if a listed company fails to hold its AGM or submit financial statements even after six months of being placed in the Non-Compliant Segment, a Risk Warning Alert will be issued. Should these compliance failures persist for two consecutive years, the exchange will suspend trading in the companies' shares.

The placement in the Non-Compliant Segment serves as a warning to the companies to adhere to the regulations or face further sanctions, including potential trading suspension. The PSX has renamed the Defaulters' Segment to the 'Non-Compliant or Winding-Up Segment' to better reflect the nature of the regulatory action.