Karachi September 13 2022: Pakistan Stock Exchange informed that Hascol Petroleum Limited will remain in the Defaulter Segment despite submitting annual accounts and convened the AGM.
Earlier Pakistan Stock Exchange notified non-compliance of PSX Regulations by M/s. Hascol Petroleum Limited ("HASCOL") i.e. failure to hold its Annual General Meeting and submit its Annual Audited Financial Statements for the year ended December 31, 2021 within the stipulated time, was notified for information of all concerned.
It is pertinent to mention that HASCOL is presently quoted in the Defaulters' Segment on account of non-compliances of three PSX Regulations namely failure to submit Annual Audited Accounts, Holding of AGM and Adverse Opinion by the Auditor.
In this context, it is hereby informed to all concerned that HASCOL has submitted its Annual Audited Financial Statements and convened the overdue AGM for the year ended December 31, 2021. In view thereof, the non-compliances of HASCOL for the two of three PSX Regulations stands rectified.
However, as a consequence of non-compliance of PSX Regulation regarding adverse opinion issued by the statutory auditor in the audit report for the year ended December 31, 2021, HASCOL shall continue to be quoted in the Defaulters' Segment till the time all the non-compliances are rectified.