Karachi May 8 2023: Pakistan Stock Exchange (PSX) hereby informed to all concerned that M/s. Hascol Petroleum Limited (HASCOL), already quoted in the Defaulters’ Segment on account of non-compliance of PSX Regulation 5.11.1.(i), has failed to hold its Annual ” General Meeting and submit Annual Audited Financial Statements for the year ended December 31, 2022.
The said non-compliances attract actions under PSX Regulations 5.11.1.(c) & (d), reproduced hereunder:
5.77.7. 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 5.71.2(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 5.77.2(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 5.11.2(a) and 5.17.2(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 5.77.2(e).”
