KARACHI: Karachi Stock Exchange (KSE) on Tuesday suspended share trading of 13 companies on the account of non-payment of annual listing fee in accordance with rules and regulations.
The management has taken the action as per Listing Regulation No 30(2)(b), stating trading in the shares of the defaulted companies required to be suspended. Thal Textile Mills Ltd, Hajra Textile Mills Ltd, Adil Textile Mills Ltd, Kohinoor Industries Ltd, Brothers Textile Mills Ltd, Kohinoor Power Mills Ltd, Dadabhoy Cement Industries Ltd, Mukhtar Textile Mills Ltd, Dadabhoy Sack Ltd, Nazir Cotton Mills Ltd, Data Textiles Ltd, Saritow Spinning Mills Ltd and Genertech Pakistan Ltd are among the companies, face suspension. The management issued notices three months ago to companies for submitting their annual charges within 90 days but the companies failed to comply positively.
According to the notice issued by KSE, the trading in the shares of Adil Textile Mills Limited, Dadabhoy Sack Limited and Nazir Cotton Mills Limited has already been suspended due to revocation of CDS eligibility by the Central Depository Company of Pakistan Limited, while trading in the shares of rest of the 10 Companies will be suspended wef August 1, 2012. The sponsors/majority shareholders of the concerned companies are hereby directed to provide to all the concerned shareholders an option for selling their shares to them at a price to be fixed by the Exchange in accordance with Regulation No 30-A of said Regulations followed by delisting of the companies.
In case of failure of the sponsors/majority shareholders of the companies to comply with the compulsory buy-back direction within 30 days i.e upto August 30, 2012, the Exchange will proceed to delist such companies under the Listing Regulations. The cases of the companies will also be forwarded to the Securities and Exchange Commission of Pakistan for initiating further action under the Companies Ordinance, 1984 against the companies/ management as may be deemed appropriate.-Dailytimes