The Karachi Stock Exchange (KSE) has decided that trading in the shares of Ghulam Muhammad Dadabhoy Limited will remain suspended for 60 days from October 13, 2006.
The decision has been taken after due consideration of the facts and circumstances and in exercise of the powers vested in KSE under sub-section (7) of Section 9 of the Securities & Exchange Ordinance, 1969 and Listing Regulation No 32 of the Exchange.
In a notice, issued here on Friday the Karachi Stock Exchange said that Ghulam Muhammad Dadabhoy Limited had committed various defaults under Listing Regulation No 32 of the Exchange especially (a) quoted below 50 percent of face value for a continuous period of three years, (b) non declaration of dividend or bonus for five years from the date of last declaration, (c) not holding of annual general meetings, (d) non-payment of annual listing fee/penalty, and (e) failing to join CDS after its shares declared by the CDC as eligible security.
The company had also committed further default under Listing Regulation No 32 (1) (d) ie, it had gone into liquidation through Court Order.
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