August 27, 2019 whereby shifting the name of M/s. Pervez Ahmed Consultancy Services Limited (“PASL”) (formerly M/s. Pervez Ahmed Securities Limited) to the Normal Counter of the Exchange was notified by the Exchange.
As communicated vide our notice under reference, the action of shifting of PASL was based on the interim order dated August 24, 2019 passed by Hon’ble Civil Court Lahore whereby the Court had suspended the operation of PSX letters dated November 15, 2018 and February 26, 2019 till the next date of hearing.
In this context, it is hereby informed to all concerned that the Hon’ble Civil Court vide order dated May 29, 2021 has returned the plaint stating that “this Court has no jurisdiction to entertain this suit so, by invoking powers under order 7 rule 10 of CPC the plaint is returned”. In view thereof, the status of PASL prior to order dated August 24, 2019 is reinstated and the PASL is being placed In the Defaulters’ Segment of the Exchange under clause 5.1 1.1.(i) of the PSX Regulations w.e.f. Friday, June 4, 2021.
Please note that subsequent to shifting of PASL to Normal Counter due to Court order, PASL has rectified its default under clause 5.11.1.(b) of the PSX Regulations i.e. suspended commercial production / business operation with its principal line of business.