Karachi: The Pakistan Stock Exchange (PSX) issued a notice on October 24, 2024, detailing non-compliance of nine listed companies with PSX Regulation 5.11.1.(d). These companies have failed to meet their obligations under various regulatory requirements, including the non-payment of Annual Listing Fees for two consecutive years.

The companies cited in the notice include Amtext Limited, Dadabhoy Cement Industries Limited, Dewan Automotive Engineering Limited, Ruby Textiles Mills Limited, Crescent Jute Products Limited, Dewan Textile Mills Limited, Dewan Mushtaq Textile Mills Limited, Dadabhoy Sack Limited, and Dewan Khalid Textile Mills Limited. According to information available from the Pakistan Stock Exchange (PSX), these firms are already part of the Defaulter’s Segment and their non-compliance includes failure to hold annual general meetings and the non-submission of audited financial statements.

In response to these violations, the PSX has outlined potential consequences, which could include suspension of trading in the shares of these companies. Dewan Mushtaq Textile Mills Limited, specifically, has been given until October 28, 2024, to rectify its non-compliances or face further regulatory action, which might include trading suspension post two years of non-compliance as per the PSX regulations.

All companies have been requested to take corrective measures to address their respective non-compliances. Failure to do so by January 22, 2025, could result in more severe penalties, such as the issuance of risk warning alerts against these companies.