Karachi: Trust Investment Bank Limited (TRIBL) has been directed by the Pakistan Stock Exchange (PSX) to comply with a compulsory buy-back order due to multiple regulatory non-compliances. The deadline for compliance is set for July 29, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the notice issued on April 29, 2024, outlined the series of non-compliances by TRIBL, including the failure to hold its Annual General Meetings, failure to submit its annual audited financial statements, and non-payment of outstanding dues within the stipulated time. Additionally, TRIBL faced the cancellation of its license to undertake Investment Finance Services (IFS) by the Securities and Exchange Commission of Pakistan (SECP), along with an order for filing a winding-up petition against the company in court.

Following up on this, further notices on June 28 and July 15, 2024, reiterated the need for urgent compliance. Should TRIBL fail to rectify the non-compliance of PSX Regulation 5.11.1. (d) by the deadline, the Exchange under clause 5.11. 3.(g) of the PSX Regulations will forward the case of TRIBL to the Commission to initiate winding-up proceedings under the Companies Act, 2017.