Karachi, The Pakistan Stock Exchange (PSX) has issued a formal notice to Dadhahoy Construction Technology Limited (DCTL), highlighting the company’s failure to comply with multiple regulatory requirements. According to a PSX letter dated March 13, 2024, DCTL has not shown significant progress in addressing issues previously identified under PSX Regulations 5.11.1.(b), (c), (d), (i), and (I).

The PSX has mandated DCTL to provide a copy of its application to the Securities and Exchange Commission of Pakistan (SECP) regarding the holding of overdue Annual General Meetings (AGMs). Additionally, DCTL is required to submit an updated status of its efforts to rectify the identified non-compliances and to disseminate a detailed progress report through the Public Companies Accounting and Reporting System (PUCARS) to inform market participants of its actions.

In response, DCTL has been actively auditing its financial statements for the fiscal years from 2019 to 2023. These audits are part of the company's preparation for compliance, and the financial statements have been prepared on a going concern basis, which indicates management’s belief in the company’s ability to continue operating in the foreseeable future. The company attributes this outlook to several strategic initiatives, including land acquisitions for development projects and potential mergers with other real estate entities.

Furthermore, DCTL is in the process of organizing its overdue AGMs. A recent circular from the SECP has clarified certain legislative intentions that may affect how these meetings are conducted, potentially allowing the company to rectify its non-compliance without needing further directives under Section 147 of the Companies Act 2017.

Finally, DCTL has committed to ensuring that all developments and compliance efforts are reported through PUCARS as stipulated by the PSX. The company has assured stakeholders that there will be no further delays in meeting its regulatory obligations and expects to achieve full compliance shortly.