As per PSX Notie:
It is hereby informed to all concerned that M/s. Hascol Petroleum Limited (“HASCOL”) has failed to hold its Annual General Meeting and submit its Annual Audited Accounts for the year ended December 31, 2020.
The said defaults attract action under clauses 5.11.1. (c) & (d) of PSX Regulations, 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 5.7 7.2(a) and 5.71.2(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),
A L S O || R E A D
HASCOL management commits misconduct in historical financials
(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 5.7 1.2(a) and 5.77.2(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 5.11.2(e)”
In this context, it is hereby informed to all concerned that in line with the requirements of clauses 5.11.1. (c) & (d) of PSX Regulations, HASCOL is being placed on the Defaulters’ Segment of the Exchange w.e.f. June 28, 2021 (Monday).
All concerned are requested to note the above.
