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Defaulter Companies List Sector Wise



21 replies to this topic

#13
Lion Heart

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    Posted Image

    KSE warns 29 firms of delisting

    Those warned included: Al-Mal Securities & Services; Dominion Stock Fund; Harum Textile Mills; Investec Securities; Kashmir Polytex; Nina Industries; Pakistan Industriel & Commercial Leasing; Sahrish Textile Mills; Usman Textile; Union Insurance Company; Dadabhoy Insurance; First Islamic Modaraba; The Ittefaq General Insurance; Ittefaq Textile Mills; MacDonald Layton & Co; Mian Muhammad Sugar Mills and Zahur Textile Mills. - File photo


    KARACHI: The Karachi Stock Exchange issued warning to 13 companies on Friday “to rectify the defaults committed under the Listing Regulations within 30 days, i.e. up to March 12, failing which the exchange shall initiate action against the companies as required under the regulations.”

    The actions were noted to be: “suspension of trading in their shares followed by delisting”.

    The bourse said that the names of those companies would also be forwarded to the Securities and Exchange Commission of Pakistan for initiating necessary action against the companies/management under the Companies Ordinance, 1984.

    The Karachi Stock Exchange noted that the companies were already relegated to the ‘defaulters’ counter of the exchange on account of defaults/non-complaints of the Listing Regulations, all pertaining to Section 30.

    Those warned included: Al-Mal Securities & Services; Dominion Stock Fund; Harum Textile Mills; Investec Securities; Kashmir Polytex; Nina Industries; Pakistan Industriel & Commercial Leasing; Sahrish Textile Mills; Usman Textile; Union Insurance Company; Dadabhoy Insurance; First Islamic Modaraba; The Ittefaq General Insurance; Ittefaq Textile Mills; MacDonald Layton & Co; Mian Muhammad Sugar Mills and Zahur Textile Mills.

    In a separate notice another 12 companies were cautioned against the defaults: Accord Textiles; Al-Azhar Textile; Al-Qaim Textile; Amin Spinning Mills; Fawad Textile Mills; Hashmi Can Company; Indus Fruit Products; Libaas Textile; Mubarak Dairies; Shahpur Textile; Zahur Cotton Mills and AMZ Ventures.

    Various sub-sections to section 30 (1) of the Listing Regulations of which the companies were under default included: Failure to commence commercial production/business for three years from the date of formal listing; failing to hold AGM for
    two consecutive years; winding-up proceedings initiated against the companies; official liquidator/liquidators appointed; failing to pay annual listing fee for two years/penalty/any other dues and the refusal of company to join Central Depository System.

    The KSE also stated that the companies pursuant to the above Listing Regulation have also been advised the option of voluntary delisting through buy-back of shares of the minority shareholders by the sponsors/majority shareholders in accordance with Listing Regulation No.30 A, “if so desired”.

    Many small investors interpreted the last two words “if so desired” as granting an option to delinquent companies either to
    buy-back the shares or seek a quiet exit.

    Given the option, would a sponsor of any company want to pay to the beleaguered small investors trapped in those companies?
    The universal cry of the stock holders in such non-compliant companies is for compensation for both the loss of profit for the period the companies have refused shareholders a dividend and appropriate re-payment of their original investment

    Posted Image



    Regards
    Imran Mughal


    #14
    Amin Khan

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    Ys securities & services: LSE revokes membership
    April 24th, 2012.

    LAHORE: The Lahore Stock Exchange (LSE) has revoked the membership of Y.S. Securities & Services (Pvt) Ltd, on account of violation of the General Rules & Regulations of the stock exchange, in order to protect the interest of investors.
    LSE received complaints from investors claiming that Y.S. Securities & Services, has shut down all their branch offices without settling their accounts. The member was issued a show cause notice and was provided two opportunities of being heard, however, the nominee director of the company failed to appear before the board.
    Click Here For: "Daily Reports From Different Brokerage Houses"

    #15
    Lion Heart

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    Unable to pay claims : Hum Securities Ltd’s registration suspended

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has suspended the registration of Hum Securities Limited, corporate member of Pakistan Mercantile Exchange Limited (PMEX).

    According to SECP’s order, the brokerage company was ex-member of Karachi Stock Exchange (KSE) and sold its membership in May 2012, as a result a large number of complaints amounting to Rs 16 million were lodged by investors against the brokerage company, which assured the KSE a number of times that it would settle and pay all the claims.

    However, despite constant follow up by the commission and lapse of considerable time, a large number of complaints still remained unresolved. The brokerage company was in financial distress for over a certain period. The commission on October 25, 2012 served a show-cause notice to the brokerage company under Commodity Exchange and Futures Contract Rules, 2005. staff report

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    Regards
    Imran Mughal

    #16
    Research Doctor

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    Current list of suspended companies with date and cause of suspension .

    KARACHI STOCK EXCHANGE LIMITED

    List of Companies in which Trading is Suspended
    along with Reasons for Suspension


    S. No.

    Name of Suspended Company / Security

    Effective Date of Suspension

    Reasons for Suspension

    1

    TFCs – Engro Corporation Limited

    24-01-2014

    Final Redemption

    2

    TFCs – Tameer Microfinance Bank Ltd.

    22-01-2014

    Final Redemption

    3

    Gulistan Textile Mills Limited

    06-01-2014

    Official Liquidator has been appointed by the Hon’ble High Court of Sindh

    4

    Mandviwala Mauser Plastic Industries Limited

    09-12-2013

    Non-Holding of Annual General Meetings for two or more years as required under Listing Regulation No.30(1)( B).

    5

    Metropolitan Steel Corporation Limited

    09-12-2013

    Non-Holding of Annual General Meetings for two or more years as required under Listing Regulation No.30(1)( B).

    6

    Transmission Engineering Industries Limited

    09-12-2013

    Non-Holding of Annual General Meetings for two or more years as required under Listing Regulation No.30(1)( B).

    7

    Husein Industries Limited

    09-12-2013

    Non-Holding of Annual General Meetings for two or more years as required under Listing Regulation No.30(1)( B).

    8

    TFCs – Pakistan Mobile Communication Limited

    18-10-2013

    Final Redemption

    9

    S. G. Fibre Limited

    11-04-2013

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee

    10

    Pak Leather Crafts Limited

    11-04-2013

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee

    11

    First Dawood Mutual Fund

    26-03-2013

    Directive received from SECP.

    12

    Fateh Textile Mills Limited

    07-03-2013

    Winding-up proceedings have been initialed.

    13

    (Colony) Sarhad Textile Mills Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee and Listing Regulation No.30(1)(g) i.e. induction of Ordinary Shares into CDC.

    14

    Annoor Textile Mills Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee and Listing Regulation No.30(1)(g) i.e. induction of Ordinary Shares into CDC.

    15

    Bela Automotives Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(g) i.e. induction of Ordinary Shares into CDC.

    16

    Central Forest Products Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee and Listing Regulation No.30(1)(g) i.e. induction of Ordinary Shares into CDC.


    #17
    Research Doctor

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    Part-2
    Current list of suspended companies with date and cause of suspension .


    S. No.

    Name of Suspended Company / Security

    Effective Date of Suspension

    Reasons for Suspension

    17

    Dadabhoy Construction Technology Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee and Listing Regulation No.30(1)(g) i.e. induction of Ordinary Shares into CDC.

    18

    Hamid Textile Mills Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee and Listing Regulation No.30(1)(g) i.e. induction of Ordinary Shares into CDC.

    19

    Khurshid Spinning Mills Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(g) i.e. induction of Ordinary Shares into CDC.

    20

    Mehr Dastgir Textile Mills Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee and Listing Regulation No.30(1)(g) i.e. induction of Ordinary Shares into CDC.

    21

    Morafco Industries Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee and Listing Regulation No.30(1)(g) i.e. induction of Ordinary Shares into CDC.

    22

    Saleem Denim Industries Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee and Listing Regulation No.30(1)(g) i.e. induction of Ordinary Shares into CDC.

    23

    Service Fabrics Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee and Listing Regulation No.30(1)(g) i.e. induction of Ordinary Shares into CDC.

    24

    Service Industries Textiles Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(g) i.e. induction of Ordinary Shares into CDC.

    25

    Taj Textile Mills Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee and Listing Regulation No.30(1)(g) i.e. induction of Ordinary Shares into CDC.

    26

    Globe Textile Mills Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(g) i.e. induction of Ordinary Shares into CDC.

    27

    Data Textiles Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee of the Exchange.

    28

    Genertech Pakistan Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee of the Exchange.


    #18
    Research Doctor

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    Part-3
    Current list of suspended companies with date and cause of suspension .



    S. No.

    Name of Suspended Company / Security

    Effective Date of Suspension

    Reasons for Suspension

    29

    Hajra Textile Mills Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee of the Exchange.

    30

    Mukhtar Textile Mills Limited

    August 1, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee of the Exchange.

    31

    Saleem Sugar Mills Limited
    (Ordinary & Preference Shares)

    May 2, 2012

    Non-Holding of Annual General Meetings for two or more years as required under Listing Regulation No.30(1)(B).

    32

    Gauhar Engineering Limited

    March 21, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee and Listing Regulation No.30(1)(g) i.e. induction of Ordinary Shares into CDC.

    33

    Fatima Enterprises Limited

    March 21, 2012

    Failed to induct Ordinary Shares of the Company into CDS of the Central Depository Company of Pakistan Limited under Listing Regulation No.30(1)(g)

    34

    Globe Textile Mills (OE) Limited

    March 21, 2012

    Failed to induct Ordinary Shares of the Company into CDS of the Central Depository Company of Pakistan Limited under Listing Regulation No.30(1)(g)

    35

    Ishtiaq Textile Mills Limited

    March 21, 2012

    Failed to induct Ordinary Shares of the Company into CDS of the Central Depository Company of Pakistan Limited under Listing Regulation No.30(1)(g)

    36

    Javed Omar Vohra & Company Limited

    March 1, 2012

    Winding up Petition under Section 305, 306 & 309 read with Section 325 of the Companies Ordinance, 1984 has been filed in the Honorable High Court of Sindh by Bank Alfalah

    37

    First Constellation Modaraba

    February 24, 2012

    Has gone into voluntary winding up and appointment of Liquidator

    38

    Al-Azhar Textile Mills Limited

    February 16, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee of the Exchange.

    39

    Al-Qaim Textile Mills Limited

    February 16, 2012

    Non-Holding of Annual General Meetings for two or more years as required under Listing Regulation No.30(1)(B).

    40

    Hashimi Can Company Limited

    February 16, 2012

    Non-Holding of Annual General Meetings for two or more years as required under Listing Regulation No.30(1)(B).

    41

    Zahur Cotton Mills Limited

    February 16, 2012

    Failed to fulfill the requirements of Listing Regulation No.30(1)(e) i.e. payment of outstanding Annual Listing Fee and Listing Regulation No.30(1)(g) i.e. induction of Ordinary Shares into CDC.

    42

    Security Leasing Corporation (Pref. Shares)

    19-08-2011

    Final Redemption

    43

    S.S. Oil Mills Limited

    December 30, 2011

    Re-verification of Shares & Transfer Deeds. Violations of Listing Regulation No.30(1)(g)







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