Karachi June 30 2022: Pakistan Stock Exchange notified that M/s. Quice Food Industries Limited (QUICE) will be placed in the Defaulters’ Segment w.e.f. July 01, 2022 as a consequence of default of clause 5.11.1.(e) of PSX Regulations i.e. failure to pay the penalty imposed by the Exchange within the specified time.
The said default attracts action under PSX Regulation 5.11.1. (e), states that “A Listed Company may be placed in the Defaulters’ Segment if: (e) It has failed to pay within the time specified by the Exchange:
(i) the annual listing fees for two (2) years; or
(ii) any penalty imposed by the Exchange under these Regulations through final order; or (iii) any other dues payable to the Exchange under these Regulations;
As required under PSX Regulation 5.1 1.2.(c), QUICE is hereby instructed to rectify the non-compliance(s) within 90 days i.e. up to September 29, 2022 by clearing all outstanding dues of the Exchange.
In case the company fails to comply with the above within the stipulated time, action may be taken under PSX Regulation 5.1 1.2.(d), which states that “In case a Company fails to rectify the non-compliance(s) within the timeframe specified in sub- clause 5.7 7.2 (c) or as otherwise specifically provided under sub-clauses to Regulation 5.1 7 .7 above, the Exchange shall suspend trading in the shares of such Company and provide it further period not exceeding 90 days to rectify the non-compliance(s).”
