KARACHI: The Karachi Stock Exchange (KSE) has taken action against non-compliant companies, committing defaults under the listing regulations of the KSE, particularly non-holding of Annual General Meeting for more than two years and non-payment of dues to the exchange. KSE issued notices in February to rectify defaults within 90 days or delist voluntarily from the stock market through buying back shares of the minority shareholders in accordance with the regulations. On failure of compliance of the companies within the deadline, KSE again issued a notice on May 15, 2012 allowing further 30 days to pay their obligations. Companies’ managements were also notified about the action of delisting of companies from the stock market under the regulations. The notice was also served through the newspapers on May 17, 2012 providing companies the opportunity of being heard or submit an objection to the delisting in writing to the KSE by June 14, 2012.
Published in The Express Tribune, July 4th, 2012.
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