Karachi: Trading in the shares of Fateh Textile Mills Limited will continue to be suspended as the company has not addressed the non-compliance issues required by Pakistan Stock Exchange regulations.

On July 5, 2024, it was announced that Fateh Textile Mills Limited has failed to resolve issues stemming from multiple non-compliances with the PSX Regulations, specifically clauses 5.11.1.(b)(c)(d) and 5.11.2.(c). These violations include not holding annual general meetings, failing to submit annual audited accounts, non-payment of dues to the Exchange, and facing winding-up petitions filed by creditors or shareholders. As a result, the suspension of trading in the company's shares will extend for another 60 days starting from July 7, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the decision to extend the suspension was made under the authority granted by Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations.

This ongoing suspension serves as a significant regulatory measure to enforce compliance and ensure transparency in the operations of listed companies. The stock exchange has mandated that the suspension will remain in effect until Fateh Textile Mills Limited rectifies the causes for suspension as per the regulatory requirements.