Karachi: Haseeb Waqas Sugar Mills Limited (HWQS) has been given a deadline of October 07, 2024, to resolve a regulatory non-compliance issue, following a series of notices from the Pakistan Stock Exchange (PSX). The non-compliance pertains to the failure of HWQS to pay a penalty imposed by the Exchange, as specified in PSX Regulation 5.11.1.(d).
According to information available from the Pakistan Stock Exchange (PSX), the initial notice was issued on July 10, 2024, under PSX Notice No. PSX/N-659, with subsequent reminders on September 06 and September 23, 2024, under PSX Notices No. PSX/N-882 and PSX/N-931 respectively. These notices outlined the compliance deadlines and the potential consequences for HWQS should it fail to meet them.
If HWQS does not address this non-compliance by the stipulated deadline, further actions could include the issuance of a Risk Warning Alert against the company under PSX Regulation 5.11.3.(d). Additionally, even if the penalty payment issue is resolved, HWQS will remain on the Defaulters' Segment, to be renamed as 'Non-Compliant Segment' or 'Winding-Up Segment', due to another standing non-compliance issue. This relates to the suspension of commercial production or business operations in its principal line of business for a continuous period of one year, under PSX Regulation 5.11.1.(a).
The PSX urges all concerned parties to take note of this situation as HWQS works towards rectifying its regulatory challenges.