The Karachi Stock Exchange (KSE) has decided to suspend trading in the shares of Javed Omer Vohra and Company Limited, a listed company at the Exchange, with effect from Thursday (today). The trading in the shares of the company will be suspended for a period of 60 days or until such time the cause of suspension in removed, a KSE notice issued here on Wednesday said.
"Whereas, a winding-up petition under Section 305, 306 and 309 read with Section 325 of the Companies Ordinance, 1984 has been filed in the High Court of Sindh, by Bank Alfalah Limited as published in newspapers and also notified by the Exchange. The Central Depository Company of Pakistan Limited (CDC) has also suspended CDS eligibility of the ordinary shares of the company with immediate effect on account of non-submission of R/TA Reconciliation Report by the Company for the financial year ended June 30, 2011 and the company has committed default under Listing Regulations No 30 (1) (c) and it is required to suspend trading in its shares and also place the company in the Defaulters' Segment", the notice said.
"In view of the above and after consideration of facts and circumstances and in the public interest and in exercise of the power vested in the Exchange under Section 9(7) of the Securities and Exchange Ordinance, 1969 and the Listing Regulations, it's has been decided to suspend trading in the shares of Javed Omer Vohra and Company Limited for a period of 60 days", the KSE notice said. The company will also be placed in the Defaulters' Segment with effect from March 01, 2012 and its name will be published separately in the Daily Quotations of the Exchange from the said date, it added.
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