Crescent Star Insurance Limited (PSX: CSIL) has issued a strong response to accusations made by a member of the Pakistan Stock Exchange (PSX), who had alleged price manipulation and unlawful market practices by the company.
The insurance firm in a letter to the main bourse on Friday, categorically denied the allegations and emphasized that these accusations were made without merit.
The company referred to its previous disclosure on January 27, 2025, which was part of a standard compliance requirement. Crescent Star clarified that its filing was not part of any “malicious scheme,” but simply a legal obligation to report when an investor crosses 10 percent of the voting power in a company. The insurance company reiterated its stance in a letter sent on February 7, 2025, stating that it had not acted in concert with any other entity and that its share acquisitions were purely for investment purposes.
As a publicly listed company itself, Crescent Star Insurance emphasized its commitment to adhering to regulatory standards and recognized the Listed Companies (Substantial Acquisition and Takeover) Regulations, which govern acquisitions exceeding 30%. Furthermore, the company expressed concern over the PSX-listed company’s failure to conduct overdue elections for its directors, an issue it believes needs urgent attention.
Crescent Star Insurance has warned that it reserves the right to take legal action, including filing for damages and defamation, against the party responsible for the baseless allegations.
The company has urged the concerned parties to refrain from making such accusations and using PSX’s platforms for what it considers groundless claims.
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