The authorities of Karachi Stock Exchange (KSE) on Wednesday have suspended of Trading in the shares of Fateh Textile Mills Limited and placed the company in Defaulters' Segment of the Exchange.
The notice issued by KSE stated hat whereas, a winding-up petition under Section 305, 306, 309 read with Section 325 of Companies Ordinance, 1984 has been filed against Fateh Textile Mills Limited (JM No 4 of 2012) in Honourable High Court of Sindh, by National Bank of Pakistan as published in the newspapers and also notified by the Exchange vide Notices No KSE/N-1435 dated March 5 and No KSE/N-1444 dated March 6.
And, whereas under Listing Regulation No 30(1)(c)(i) where winding-up petition is presented by creditors, the company is required to be placed in Defaulters' Segment and trading in its shares is to be suspended subject to the conditions provided under the said Regulation.
In view of the above and after consideration of facts and circumstances and in the public interest and in exercise of the powers vested in Exchange under Section 9(7) of the Securities & Exchange Ordinance, 1969 and Listing Regulations, it has been decided to suspend trading in the shares of Fateh Textile Mills Limited for a period of 60 days w.e.f. on Thursday, March 7 or until such time the cause of suspension is removed. The company will also be placed in the Defaulters' Segment w,e.f. on Thursday and its separately in the Daily Quotations of the Exchange from the said date.-PR
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