The Pakistan Stock Exchange (PSX) has suspended trading in the shares of nine companies due to violations of its regulations. The suspension will remain in effect until the identified issues are resolved or for a period of 60 days, starting February 4, 2025, according to a statement issued by the PSX.

The decision was made under Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of the PSX Regulations. The affected companies have been found in breach of various regulatory requirements, including failure to hold Annual General Meetings (AGMs), non-submission of audited accounts, non-payment of dues, and other compliance issues.

List of Suspended Companies and Reasons for Suspension

1. Regal Ceramics Limited
   • Violations: Failure to hold AGMs, non-submission of audited accounts, non-payment of dues, non-induction of shares into the Central Depository System (CDS), and a winding-up petition filed by the SECP.
2. Azmat Textile Mills Limited
   • Violations: Failure to hold AGMs, non-submission of audited accounts, non-payment of dues, non-induction of shares into CDS, and appointment of an official liquidator.
3. Kaiser Arts & Krafts Limited
   • Violations: Failure to hold AGMs, non-submission of audited accounts, non-payment of dues, non-induction of shares into CDS, and appointment of an official liquidator.
4. Pakistan Industrial & Commercial Leasing Ltd.
   • Violations: Failure to hold AGMs, non-submission of audited accounts, non-payment of dues, and non-induction of shares into CDS.
5. Dadabhoy Sack Limited
   • Violations: Suspension of commercial production in its principal line of business, non-payment of dues, and non-induction of shares into CDS.
6. Nina Industries Limited
   • Violations: Failure to hold AGMs, non-submission of audited accounts, non-payment of dues, non-induction of shares into CDS, and an SECP order for filing a winding-up petition.
7. Investec Mutual Fund Limited
   • Violations: Failure to hold AGMs, non-submission of audited accounts, non-payment of dues, non-induction of shares into CDS, and a winding-up petition filed by the SECP.
8. Business & Industrial Insurance Company Limited
   • Violations: Failure to hold AGMs, non-submission of audited accounts, non-payment of dues, and initiation of winding-up proceedings by the SECP.
9. Salman Noman Enterprises Limited
   • Violations: Suspension of commercial production for over a year, non-payment of dues, a disclaimer of opinion issued by its statutory auditor, and a winding-up petition filed by the SECP.

Conditions for Resumption of Trading

The PSX has stated that trading in the shares of these companies will only resume once the causes of suspension are rectified. If the issues are not resolved within 60 days, the suspension may be extended further. Additionally, the companies are required to comply with all regulatory requirements, including payment of dues and submission of financial statements, to regain trading privileges.