The Lahore Stock Exchange has suspended trading of shares of a number of companies on account of their failure to comply with the exchange's instructions. In a circular issued on Thursday, a number of companies have still failed to comply with the instructions of the exchange to fulfil the requirement of Listing Regulation No 30(1) (e) ie payment of outstanding annual listing fee and Listing Regulation No 30(1) (g) ie induction of ordinary shares of the companies into CDS of Central Depository Company of Pakistan Limited within 90 days ie upto July 30, 2012:
These include: (Colony) Sarhad Textile Mills Ltd Mehr Dastagir Textile Mills Ltd Alnoor Textile Mills Ltd, Morafco Industries Ltd Asim Textile Mills Ltd Redco Textiles Ltd Central Forest Products Ltd S.S. Oil Mills Ltd Globe Textile Mills Ltd, Saleem Denim Industries Ltd Hamid Textile Mills Ltd Service Fabrics Ltd Karim Cotton Mills Ltd Service Industries Textiles Ltd Khurshid Spinning Mills Ltd Sind Fine Textile Mills Ltd Dadabhoy Construction Technology Ltd Taj Textile Mills Ltd.
In view of the above and as required under listing Regulation No 30(2)(b), trading in the shares of the above mentioned companies suspended on August 1, 2012, in exercise of the powers vested in the Exchange under sub-section (7) of section 9 of the Securities & Exchange Ordinance, 1969 and Regulation No 30(2)(b) of the Listing Regulations.
The Sponsors/majority shareholders of the concerned companies are hereby directed to provide to all the concerned shareholders an option for selling their shares to them at a price to be fixed by the Exchange in accordance with Regulation No 30-A of Listing Regulations followed by delisting of the companies.
In case of failure of the sponsors/majority shareholders of the companies to comply with the compulsory buy-back direction within 30 days ie, August 30, the Exchange will proceed to delist such companies under the Listing Regulations. The cases of the companies will also be forwarded to SECP for initiating further action under the Companies Ordinance, 1984 against the companies/management as may be deemed appropriate.-PR