Karachi: In a significant regulatory development, six companies listed on the Pakistan Stock Exchange (PSX) are at risk of having their shares suspended due to non-compliance with specific regulatory requirements. The companies, identified as Dewan Mushtaq Textile Mills Limited, Hira Textile Mills Limited, Sitara Peroxide Limited, Huffaz Seamless Pipe Industries Limited, Dewan Khalid Textile Mills Limited, and Globe Textile Mills Limited, have failed to meet the obligations under PSX Regulations 5.11.1.(b) and (c), relating to the holding of Annual General Meetings (AGMs) and submission of audited financial statements.

According to information available from the Pakistan Stock Exchange (PSX), these companies have not held their AGMs or submitted the required financial documents for the fiscal year ending June 30, 2023. The PSX has set a deadline of October 28, 2024, for these companies to rectify their non-compliance issues. Failure to meet these requirements for two consecutive years may lead to suspension of trading under further regulations of the PSX.

Furthermore, the companies mentioned from serial numbers 5 to 6, Dewan Khalid Textile Mills Limited and Globe Textile Mills Limited, face additional scrutiny as they are reported to be under winding-up petitions by the SECP or creditors, which places them in the Defaulters’ Segment of the market. This status could potentially lead to their delisting if corrective measures are not undertaken.

The regulatory notice emphasizes the need for these entities to hold their AGMs and to submit their financial statements within the stipulated deadlines to avoid regulatory actions, including trading suspension. The PSX has alerted that further non-compliance could result in more severe penalties as outlined in their compliance framework. This regulatory scrutiny underscores the importance of adhering to financial and corporate governance norms to maintain trading status on the stock exchange.