Pak Leather Crafts Limited, S.G Fibre Limited, Transmission Engineering Industries Limited, Dandot Cement Company Limited and Mandviwala Mauser Plastic Industries Limited still failed to comply with the instructions of the KSE to fulfil the requirements of Listing Regulations No 30(1)(e) ie payment of outstanding Annual Listing Fee within 90 days.
According to a notice issued by the management of KSE on Wednesday, it is hereby informed to all concerned that Pak Leather Crafts Limited, S.G Fibre Limited, Transmission Engineering Industries Limited, Dandot Cement Company Limited and Mandviwala Mauser Plastic Industries Limited have still failed to comply with the instructions of the Exchange to fulfil the requirements of Listing Regulation No 30(1)(e) ie payment of outstanding Annual Listing Fee within 90 days ie upto April 9, 2013.
In view of above and as required under the Listing Regulation No 30(2)(b), trading in the shares of the above companies will be suspended w.e.f. April 11, in exercise of the powers vested in the Exchange under Sub-Section (7) of Section 9 of the Securities & Exchange Ordinance, 1969 and the Listing Regulations. The sponsors and 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 said Regulations followed by Delisting of the companies.
In case of failure of the sponsors I majority shareholders of the companies to comply with the compulsory buy-back direction upto Friday, May 24, 2013, the Exchange will proceed to delist such companies under the Listing Regulations. The cases of the companies will also be forwarded to the Securities & Exchange Commission of Pakistan (SECP) for initiating further action under the Companies Ordinance, 1984 against the companies and management as may be deemed appropriate.