Karachi: Haseeb Waqas Sugar Mills Limited (HWQS), listed in the Pakistan Stock Exchange's Defaulters' Segment due to previous regulatory issues, has now failed to meet another critical regulatory requirement. The company did not pay a penalty imposed by the Exchange, necessitating further action.

According to information available from the Pakistan Stock Exchange (PSX), HWQS was fined under PSX Regulation 5.21.1 but did not make the payment within the specified deadline. This non-compliance triggers PSX Regulation 5.11.1.(d), which mandates additional sanctions if a listed company does not timely fulfill financial obligations such as annual listing fees, imposed penalties, or other dues.

Under PSX Regulation 5.11.3.(c), HWQS has been given a 90-day period, until October 7, 2024, to address this breach. Failure to comply within this timeframe will prompt the PSX to initiate further regulatory actions under PSX Regulation 5.11.3.(d).

Despite this situation, if HWQS rectifies the non-compliance within the stipulated time, it will remain in the Defaulters' Segment, which is soon to be renamed as Non-Compliant or Winding-Up Segment. This is in accordance with PSX Regulation 5.11.1. (a), which outlines subsequent actions based on the nature of the compliance issue.

The Exchange has issued a notice to all concerned parties regarding this development and the potential implications for the company's market standing and operational compliance.