Islamabad: Trading of shares for M/s. Apollo Textile Mills Limited will continue to be suspended, following the company's failure to address regulatory non-compliances.

The Pakistan Stock Exchange (PSX) announced that the suspension, initially enacted due to violations of multiple clauses under the PSX Regulations, will persist. These violations include the cessation of commercial production, failure to conduct annual general meetings, non-submission of annual audited accounts, receipt of an adverse opinion from statutory auditors, outstanding dues with the Exchange, and a disclaimer of opinion in the audit report. Furthermore, a winding-up petition against Apollo Textile Mills has been filed by the Securities and Exchange Commission of Pakistan (SECP) in court.

According to information available from the Pakistan Stock Exchange (PSX), the decision to extend the suspension comes as part of the powers vested in the Exchange under Sub-Section (7) of Section 19 of the Securities Act, 2015, combined with clause 5.11 of the PSX Regulations. This action aims to maintain market order and protect investor interests until the company rectifies the issues or another 60 days pass, starting July 06, 2024.

The ongoing suspension serves as a critical reminder for listed companies to adhere to regulatory standards and requirements to ensure transparency and accountability in operations.