Karachi May 17 2022: Due to continuous non compliance, the sponsors / majority shareholders of Sally Textile Mills have been directed to provide all the concerned shareholders within a period of 90 days i.e. up to August 15, 2022, an option for selling their shares to them at a price to be fixed by the Exchange in accordance with the PSX Regulations.
Earlier on February 11, 2022 whereby provision of 90 days’ time i.e. up to Monday, May 16, 2022 to M/s. Sally Textile Limited (“SLYT”) to rectify the non-compliance(s), particularly with respect to failure to pay the Annual listing fee of the PSX Regulations, was notified for information of all concerned.
In this context, it is hereby informed to all concerned that SLYT has till date failed to rectify the respective defaults of the PSX Regulations despite lapse of stipulated time.
Upon completion of the buy-back process of shares by sponsors / majority shareholders of SLYT or failure to comply with the compulsory buy-back directions or failure to rectify the non-compliance(s) within the stipulated time, the Exchange will proceed to delist SLYT. The case of SLYT, will be forwarded to the Securities & Exchange Commission of Pakistan for initiating further action as deemed appropriate under the Securities Act, 2015 and the Companies Act, 2017.
