Karachi: Paramount Spinning Mills Ltd, a non-operational entity, has completed the implementation of a Scheme of Arrangement sanctioned by the High Court of Sindh at Karachi, following the sale of all its assets. The company, once a significant player in the textile industry, disclosed its current status in a progress report dated January 8, 2026. This report was submitted in compliance with Pakistan Stock Exchange (PSX) Regulation 5.11.1(b), detailing the absence of any business operations during the quarter ending September 30, 2025.

In accordance with the sanctioned Scheme under Section 279 of the Companies Act, 2017, Paramount Spinning Mills Ltd proceeded with an orchestrated sale of its assets to settle outstanding liabilities. The secured creditors and shareholders had earlier approved this Scheme in meetings led by a court-appointed chairman. The orderly liquidation of assets was managed by an Asset Sale Committee, and the proceeds were distributed by the Agent Bank among secured creditors on a pari passu basis, fulfilling the company's financial obligations.

According to information available from the Pakistan Stock Exchange (PSX), the company, during the reviewed quarter, reported no commercial production or business operations. All previously reported measures and operational statuses remained unchanged, as confirmed in their latest quarterly report. The company, having settled its debts, now stands without any operational assets and remains non-operational.

Looking forward, Paramount Spinning Mills Ltd is exploring strategic options for its future, contingent upon necessary regulatory approvals and resource availability. However, the company does not foresee the commencement or resumption of any business operations in the immediate future. Any significant developments will be communicated to the market as per legal requirements and PSX regulations.

The company assured continued compliance with PSX regulations, committing to timely submission of future quarterly progress reports. The adherence to these regulatory requirements underscores the company's effort to maintain transparency with market participants regarding its operational status and strategic direction.