Karachi September 1 2022: Pakistan Stock Exchange informed to all concerned that despite lapse of considerable time, Dadabhoy Construction Technology (DCTL) has till date failed to rectify the non-compliances of PSX Regulations notified earlier.
PSX observe the company has (a) suspended commercial production/ business operations in its principle line of business for a continuous period of one year, (b) It has failed to hold its one Annual General Meeting, (c) It has failed to submit its annual audited accounts for the immediately preceding financial year, (d) Its statutory auditor has issued a qualified opinion on the going concern assumption or has issued a disclaimer or an adverse opinion in the audit report and (e) A show cause notice for winding up has been issued to the company by the Commission.
Due to continuous non-compliances, the sponsors/majority shareholders of DCTL have been directed on August 31, 2022 under clause 5. 11 .2.(e) of the PSX Regulations to provide all the concerned shareholders within a period of 90 days i.e. up to November 29, 2022, an option for selling their shares to them at a price to be fixed by the Exchange in accordance with clause 5. 14 of the PSX Regulations.
Upon completion of the buy-back process of shares by sponsors/majority shareholders of DCTL or failure to comply with the compulsory buy-back directions or failure to rectify the non-compliance(s) within the stipulated time, the Exchange will proceed to delist DCTL under PSX Regulations.
The case of DCTL, u/c 5.11.2.(g) of the PSX Regulations will be forwarded to the Securities & Exchange Commission of Pakistan for initiating further action as deemed appropriate under the Securities Act, 2015 and the Companies Act, 2017.
