Karachi: The Pakistan Stock Exchange (PSX) has issued a final notice to Trust Investment Bank Limited (TRIBL), mandating compliance by July 29, 2024. The directive, part of PSX Notice No. PSX/N-386 dated April 29, 2024, comes in response to TRIBL’s repeated failures to adhere to regulatory requirements.
According to information available from the Pakistan Stock Exchange (PSX), the compulsory buy-back direction was issued due to TRIBL's continuous non-compliance with several PSX regulations. These include the failure to conduct Annual General Meetings, submit annual audited financial statements, pay outstanding dues to PSX on time, and the revocation of its license to undertake Investment Finance Services by the Securities and Exchange Commission of Pakistan (SECP). Additionally, a court order has been passed to file a winding-up petition against the company.
TRIBL has been given until July 29, 2024, to address these violations. Should the bank fail to rectify these issues within the stipulated time frame, particularly the non-compliance with PSX Regulation 5.11.1. (d), the PSX under clause 5.11. 3.(g) will refer TRIBL’s case to the Commission to initiate winding-up proceedings under the Companies Act, 2017.
All stakeholders are advised to take note of this critical regulatory action.