Islamabad October 11 2023: Islamabad High Court has ordered SECP to withdraw its show cause notice for appointment of inspector at Unity Foods Limited as the company has show reasonable ground, according to company filing to the exchange.
Share price of the company gain 91 paisa or 3.57 percent after the announcement at Pakistan Stock Exchange.
“lslamabad High Court has disposed of tire petition filed by the Company wherein this proceedings initiated by tire Securities and Exchange Commission of Pakistan under Section 257 of the Companies Act, 2017 were stayed by the Court vide its order dated 18 December, 2018 as the Commission has concluded that the Company has shown reasonable cause with respect to the show cause notice that file Commission should not proceed with the appointment of inspectors and hence, tire investigation under Section 257 of the
Companies Act, 2017 was not called for and show cause ,notice has withdrawn” the company states.
