LAHORE: The Lahore Stock Exchange (LSE), through a notification, has announced to suspend trading in shares of 55 defaulter companies.
The LSE stopped trading in shares of the companies, which have failed to comply with the instructions of the Exchange to fulfil the requirements of Listing Regulation No. 30(1)(e) i.e. payment of outstanding Annual Listing Fee within 90 days i.e. upto June 26, 2015.
The notification said that in view of the Listing Regulation No. 30(2)(b), trading in the shares of the companies will be suspended with effect from June 29, 2015, in exercise of the powers vested in the Exchange under Sub-Section (7) of Section 9 of the Securities & Exchange Ordinance, 1969 and Regulation No. 30(2)(b) of the Listing Regulations.
The companies will also be placed at the defaulter counter of the Exchange. The companies will be required to rectify the default within 30 days i.e. up to July 29, 2015. The cases of the companies will also be forwarded to the SECP for initiating further action under the Companies Ordinance, 1984 against the companies/management as may be deemed appropriate.
