Karachi: The Pakistan Stock Exchange (PSX) has announced an extension of the suspension of trading in the shares of M/s. Dewan Khalid Textile Mills Limited. The trading suspension, initially addressed in PSX Notice No.PSX/N-1276 dated December 27, 2024, will continue due to unresolved non-compliance issues as per the PSX Regulations.

The company has not addressed several compliance failures, including the suspension of its commercial production and business operations in its principal line of business. Additional non-compliances include the failure to hold Annual General Meetings, submit annual audited accounts, and pay dues to the Exchange. Furthermore, the company's statutory auditor has issued an adverse opinion in its audit report. A winding-up petition order against the company has been passed by the Commission, and its creditors have also filed a winding-up petition in court.

According to information available from the Pakistan Stock Exchange (PSX), the trading suspension will remain in effect until the company rectifies these issues or for an additional period of 60 days, effective from February 26, 2025. This decision is made under the powers vested in the Exchange by Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations.

The textile sector, which includes Dewan Khalid Textile Mills Limited, is facing scrutiny as regulatory compliance is enforced. The continuation of the suspension underscores the regulatory environment's emphasis on adherence to established financial and operational standards.