Karachi: Trading in the shares of Nirala MSR Foods Limited will continue to be suspended for an additional 60 days starting August 22, 2024, as the company has failed to address regulatory non-compliances. This decision, announced by the Pakistan Stock Exchange (PSX), follows the initial suspension notice referenced in PSX Notice No.PSX/N-582 dated June 21, 2024.

The suspension is due to multiple violations of the PSX Regulations, including the failure to hold Annual General Meetings, submit annual audited accounts, and pay dues to the Exchange. Additionally, a winding-up petition has been filed against the company by the Securities and Exchange Commission of Pakistan (SECP) in court.

According to information available from the Pakistan Stock Exchange (PSX), the continued suspension was enacted under the authority of Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of the PSX Regulations. The exchange has mandated that the suspension will remain in effect until Nirala MSR Foods rectifies the issues or until the completion of the newly specified period.

The ongoing regulatory issues and the decision by the PSX highlight the importance of compliance and the consequences of failing to meet established corporate and financial standards. The company must now address these challenges promptly to resume trading and restore shareholder confidence.