Karachi August 4 2023: Sitara Peroxide Limited (SPL) is being placed in the Defaulters' Segment by Pakistan Stock Exchange with effect from today August 04, 2023 as a consequence of non-compliance of PSX Regulation for failure to pay the penalty imposed by the exchange under PSX Regulation 5.21.
The said clause 5.1 1.1. states that a Listed Company may be placed in the Defaulters' Segment if: (e) It has failed to pay within the time specified by the Exchange:(i) the annual listing fees for two (2) years or(ii) any penalty imposed by the Exchange under these Regulations through final order; or (iii) any other dues payable to the Exchange under these Regulations.
As required under PSX Regulation 5.1 1.2.(c), SPL is hereby instructed to rectify the said non-compliance within 90 days i.e. up to October 31. 2023 by payment of all outstanding dues of the Exchange.
In case SPL fails to comply with the above within the stipulated time, further action(s) may be taken under PSX Regulation 5.1 1.2. including suspension of trading in the shares of SPL.