The Pakistan Stock Exchange’s (PSX) management has placed Hascol Petroleum Ltd on the list of defaulters for failing to comply with the exchange’s rules and regulations.
As a result, the company’s shares have been halted on the PSX.
According to PSX’s warning, the firm failed to hold the annual general meeting of shareholders and submit annual audited financial statements for the fiscal year 2020.
The exchange shall commence actions pursuant to rule 5.11.2 (a) and 5.11.2 (b) only upon placement of such entity on the Defaulters’ Segment (b). However, if such company fails to hold an annual general meeting and submit annual audited financial statements for two consecutive years, the exchange shall suspend trading in the company’s shares and give the company 90 days to rectify the non-compliance; otherwise, the exchange shall take further action against the company, beginning with regulation 5.11.2. (e).
