Karachi March 1 2022: Pakistan Stock Exchange (PSX) is hereby notified to all concerned that M/s. Sakrand Sugar Mills Limited (“SKRS”) has failed to hold its Annual General Meeting and submit its Annual Audited Accounts for the year ended September 30, 2021.
The said defaults attract action under PSX Regulations 5.11.1. (c) & (d), reproduced hereunder:
“5.11.1. A listed company may be placed in the Defaulters’ Segment if:
(c) It has failed to hold its one Annual General Meeting as per law; Upon placement of such company on the Defaulters’ Segment, the Exchange shall only initiate actions under Regulation 5.11.2(a) and 5.11.2(b).
However, if such company fails to hold its Annual General Meeting for two consecutive years, trading in shares of the company shall be suspended by the Exchange and the company shall be given 90 days to rectify the non-compliance, failing which, the Exchange shall initiate further actions against the company commencing from Regulation 5.17.2 (e).
(d) It has failed to submit its annual audited accounts for the immediately preceding financial year as per law; Upon placement of such company on the Defaulters’ Segment, the Exchange shall only initiate actions under Regulation 5.77.2(a) and 5.11.2 (b).
However, if such company fails to submit its annual accounts for two consecutive years, trading in shares of the company shall be suspended by the Exchange and the company shall be given 90 days to rectify the non-compliance, failing which, the Exchange shall initiate further actions against the company commencing from Regulation 5.71.2(e).”
In this context, it is hereby informed to all concerned that in line with the requirements of PSX Regulations 5.11.1. (c) & (d), SKRS is being placed in the Defaulters’ Segment of the Exchange with effect from Tuesday, March 01, 2022.
