Suspension Extended for Mohammad Farooq Textile Mills Shares Due to Regulatory Non-Compliance

Karachi: Trading in the shares of M/s. Mohammad Farooq Textile Mills Limited will remain suspended, following an announcement by the Pakistan Stock Exchange (PSX). This decision, detailed in PSX Notice No. PSX/N-639 issued on July 9, 2024, has been prompted by the company’s continued failure to address regulatory compliance issues.

The textile company has not met several critical regulatory requirements, including the holding of its annual general meetings, submission of annual audited accounts, and payment of dues owed to the Exchange. Furthermore, a winding-up petition has been filed against the company by the Securities and Exchange Commission of Pakistan (SECP) in court, signaling serious financial and administrative troubles.

According to information available from the Pakistan Stock Exchange (PSX), the suspension will extend for another 60 days starting from September 9, 2024, unless the company rectifies the issues prompting the suspension. The decision to extend the suspension comes under the provisions of Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations.

The continued suspension serves as a significant reminder to all listed entities on the PSX to adhere strictly to regulatory norms to avoid similar punitive actions.

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