Karachi: The management of Karachi Stock Exchange (KSE) has asked 19 listed companies to deposit their annual listing fee within 90 days till July 30 to avoid legal actions including suspension of trading rights and delisting from the exchange.
The notice issued by the KSE on Monday instructed listed companies of different sectors to pay their outstanding due under listing fee under Listing Regulation No.30(1)(eNo.30(2)(a), otherwise they will be face consequence as per law.
No. Name of Companies
1 Sarhad Textile Mills Limited
2 Annoor Textile Mills Limited
3 Asim Textile Mills Limited
4 Bela Automotives Limited
5 Central Forest Products Limited
6 Dadabhoy Construction Industries Limited
7 Globe Textile Mills Limited
8 Hamid Textile Mills Limited
9 Karim Cotton Mills Limited
10 Khurshid Spinning Mills Limited
11 Mehr Dastgir Textile Mills Limited
12 Morafco Industries Limited
13 Redco Textiles Limited
14 S.S.Oil Mill Limited
15 Saleem Denim Industries Limited
16 Service Fabrics Limited
17 Service Textile Industries Limited
18 Sind Fine Textile Mills Limited
19 Taj Textile Mills Limited
However, upon failure of the company to rectify the default within the stipulated time period the Exchange shall immediately suspend trading in shares of the company and simultaneously issue compulsory buy-back directions to the majority shareholders/ sponsors having control of the company to provide all the shareholders an option for selling their shares to the majority shareholders/ sponsors and the shares tendered by the shareholders shall be purchased by the majority shareholders / sponsors as per “30(2) (b), notice said.
The price for such buy-back of shares shall be fixed by the Exchange in accordance with Regulation 30-A.
Moreover upon completion of the compulsory buy-back of shares by majority, shareholders / sponsors or failure of the company to comply with the compulsory buy-back directions within such reasonable time as may be specified by the exchange in its notice, but not exceeding 90 days in total from the date of such directions, the company shall be delisted through a notice in writing by the Exchange under intimation to the commission.
Provided that in case a company is also listed on another stock exchange in Pakistan but not in similar default as provided in Regulation 30(1)(e) above at such other stock exchange, the Exchange shall not issue any directions for compulsory buy-back of its shares and shall delist the company.
Provided further that if the company is in default as provided in Regulation 30(1)(e) at all the stock exchanges where it is listed, the compulsory buy-back directions shall be issued by all the stock exchanges in coordination with each other, notice said.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription