Karachi: The Pakistan Stock Exchange (PSX) has announced a continued suspension of trading in shares of Fateh Textile Mills Limited, effective from September 5, 2024. This decision follows the company’s failure to address several non-compliances with PSX Regulations, including the non-conduction of annual general meetings, failure to submit annual audited accounts, non-payment of dues, and a winding-up petition filed by creditors or shareholders.

According to information available from the Pakistan Stock Exchange (PSX), the suspension will extend for an additional 60 days or until the company remedies the causes of its non-compliance. The specific clauses violated include 5.11.1.(b)(c)(d) and 5.11.2.(c) of the PSX Regulations. The ongoing issues have led to significant governance and operational concerns, prompting the exchange to exercise its authority under Sub-Section (7) of Section 19 of the Securities Act, 2015, coupled with clause 5.11 of the PSX Regulations.

The continued suspension aims to ensure market stability and protect investor interests, pending compliance by Fateh Textile Mills with the regulatory requirements. The situation underscores the critical importance of adherence to corporate governance standards and financial transparency within the publicly traded companies.