In a PSX official notice No. PSX/
Under the PSX regulations 5.11.1 (c ) and (d), these two actions may lead to a listed company being put on the defaulter's segment.
The regulations are reprinted below:
'(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).'
'(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 5.11.2(b).'
This is to go into effect from
As per Clauses 7A.3.5 and 7B.3.1.4 of the NCCPL Regulations: 'Where a Security that has been quoted on the defaulter's segment of the Exchange and notified to the Company, such Security shall not be eligible for trading in the SLB Market from the date it has been placed on the defaulter segment.'
'Where a Security that have been quoted on the Defaulter segment of the Exchange and notified to the Company, such Security shall not be made available on MF Market from the date it has been placed on the defaulter segment.'
'INCREASED SCRUTINY'
This most recent news is troubling for
The fake accounts case involves alleged money laundering worth billions of rupees through 32 bank accounts, which were opened in five banks. Of those accounts, 15 were opened in
The bank was mentioned frequently in the Joint Investigation Team (JIT) report commissioned by the
The JIT report alleged that 'kickbacks, land grabbing and large scale misappropriation of public funds' were placed in the fake accounts.
The report also claimed: 'In a nutshell,
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