Karachi: Bilal Fibres Limited has been directed to undertake a compulsory buy-back of shares due to its failure to meet the financial obligations set by the Pakistan Stock Exchange (PSX), specifically under PSX Regulation 5.11.1.(d). The company has been given until July 29, 2024, to comply with the directive, as outlined in a series of notices from PSX, with the latest being PSX Notice No. PSX/N-673 dated July 15, 2024.

In April 2024, PSX initially notified Bilal Fibres of its non-compliance related to outstanding dues. The exchange has issued multiple notices since then, underscoring the gravity of the non-compliance and the steps required to address the issue. According to information available from the Pakistan Stock Exchange (PSX), failure to rectify the situation by the deadline will result in the Exchange recommending winding-up proceedings against Bilal Fibres Limited under the Companies Act, 2017.

This action follows the stipulations of clause 5.11.3.(g) of the PSX Regulations, which provides the Exchange the authority to escalate non-compliance cases to the Commission for further legal action, including potential winding-up. The involved stakeholders and majority shareholders of Bilal Fibres are urged to take immediate action to comply with the buy-back directive to avoid further legal repercussions.