The management of the Pakistan Stock Exchange (PSX) has put the name of Hascol Petroleum Ltd on the list of defaults for failure to comply with the rules and regulations of the exchange.
Hence, the share trading of the company has been suspended at PSX.
According to the notification issued by PSX, the company failed to hold the annual general meeting for the shareholders and the submission of annual audit accounts for the year 2020.
Upon placement of such company on the Defaulters’ Segment, the exchange shall only initiate actions under regulation 5.11.2 (a) and 5.11.2(b). However, if such company fails to hold its annual general meeting and submission of annual audit accounts for two consecutive years, trading in shares of the company shall be suspended by the exchange and the company shall be given 90 days to rectify the non-compliance, failing which, the exchange shall initiate further actions against the company commencing from regulation 5.11.2 (e).
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
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Jurisdiction: Pakistan