Karachi: Dadabhoy Construction Technology Limited (DCTL), currently listed in the Non-Compliant Segment of the Pakistan Stock Exchange (PSX) due to several regulatory breaches, has made progress in addressing some of its compliance issues. According to an official notification, DCTL has successfully convened its overdue Annual General Meetings (AGM) and disseminated its annual audited financial statements for the fiscal years ending June 30, 2020, through 2024. This move is seen as a step toward rectifying its non-compliances, specifically concerning Clauses 5.11.1.(b) and (c) of the PSX Regulations.
The announcement, made public via the PSX's Public Companies Automated Reporting System (PUCARS), indicates that, while some issues have been resolved, DCTL remains listed under the Non-Compliant Segment. The company had initially faced non-compliance with multiple clauses, including 5.11.1.(a), (b), (c), (g), and 5.11.2.(a). The rectification of Clauses 5.11.1.(b) and (c) marks a significant development, yet several other compliance issues remain unresolved, keeping the company in its current status.
According to information available from the Pakistan Stock Exchange (PSX), trading in DCTL's shares will continue to be suspended. The suspension will persist until the company fulfills all necessary regulatory requirements for the restoration of trading, as stipulated under Clause 5.13 of the PSX Regulations. This means that while DCTL has made strides in addressing some regulatory infractions, complete compliance is mandatory for the resumption of trading activities.
DCTL's efforts to comply with PSX regulations are critical, as the Non-Compliant Segment designation can significantly impact investor confidence and market performance. The situation serves as a reminder of the stringent regulatory environment companies must navigate within the PSX's designated market category. As the company works toward fulfilling all compliance requirements, stakeholders remain cautious yet hopeful about DCTL's eventual return to regular trading status.