The Pakistan Stock Exchange (PSX) has suspended trading in the shares of eight listed companies due to repeated regulatory violations and non-compliance with key corporate governance requirements.
The suspension stems from a series of unresolved issues, including the failure to hold Annual General Meetings (AGMs), non-submission of annual audited financial statements, non-payment of dues to PSX, and the failure to induct ordinary shares into the Central Depository System (CDS).
In several cases, the Securities and Exchange Commission of Pakistan (SECP) has initiated winding-up petitions, and official liquidators have been appointed.
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The suspended companies are:
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Regal Ceramics Limited – Defaulted on all compliance fronts; winding-up petition filed, liquidator appointed.
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Azmat Textile Mills Limited – Same as above.
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Kaiser Arts & Krafts Limited – Same issues persist.
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Pakistan Industrial & Commercial Leasing Ltd. – Failed to comply with AGM, accounts, dues, and CDS requirements.
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Dadabhoy Sack Limited – Commercial operations suspended, non-compliance on dues and CDS.
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Nina Industries Limited – Facing SECP winding-up order; failed AGMs, accounts, dues, and CDS integration.
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Investec Mutual Fund Limited – Same compliance issues as Nina Industries; winding-up petition filed.
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Salman Noman Enterprises Ltd. – No business activity for over a year; unpaid dues and audit disclaimer; facing SECP winding-up petition.
The PSX cited Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of its regulations in its decision. The suspension will remain effective until the companies rectify the violations or for 60 days, whichever is earlier.
