Karachi: Trading in the shares of M/s. Fateh Textile Mills Limited will continue to be suspended, according to an announcement from the Pakistan Stock Exchange today, September 06, 2024. This decision follows the company’s failure to comply with multiple regulatory requirements.

Since the initial suspension notice (PSX/N-850) issued on September 04, 2024, Fateh Textile Mills has not addressed the reasons for the suspension as outlined by the Pakistan Stock Exchange. According to information available from the Pakistan Stock Exchange (PSX), the company has failed to hold its annual general meetings and submit its annual audited accounts. Additionally, it has not paid the dues owed to the Exchange, and a winding-up petition has been filed against it by creditors or shareholders.

The suspension, which began on November 04, 2024, is set to last for another 60 days or until the company remedies the causes of the suspension. This action is a direct application of the powers vested in the Exchange under Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of the PSX Regulations.

This measure aims to ensure compliance with financial regulations and protect investor interests while the company works to meet the necessary regulatory standards.