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PSX placed penny stock in default counter

PSX placed heavily volume traded company in default counter

admin-augaf by admin-augaf
June 3, 2021
in Business, Finance
Reading Time: 1 min read
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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.

Source: PSX

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Tags: InvestmentPakistanpakistan stock exchangePSXStocks
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