Karachi: Trading in the shares of M/s. Haydari Construction Company Limited will remain suspended for an additional 60 days starting September 9, 2024, due to ongoing non-compliance issues. This decision follows the initial suspension notice, PSX Notice No.PSX/N-638, issued on July 9, 2024.
The Pakistan Stock Exchange (PSX) has extended the suspension of trading in shares of M/s. Haydari Construction Company Limited, a move mandated by the company's failure to address multiple regulatory non-compliance issues. These include not holding annual general meetings, failing to submit annual audited accounts, non-payment of dues to the Exchange, and a winding-up petition filed by the Securities and Exchange Commission of Pakistan (SECP) against the company in court.
According to information available from the Pakistan Stock Exchange (PSX), the decision to continue the suspension was made under Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of the PSX Regulations. The exchange cited the company’s non-compliance with clauses 5.11.1.(b)(c)(d) and 5.11.2.(b) of the PSX Regulations as the reasons for this action.
The company is required to rectify these issues to resume trading, with the exchange reserving the right to extend the suspension if necessary. This ongoing suspension serves as a reminder of the stringent regulatory requirements imposed by the PSX to ensure transparency and accountability in the financial market.