Companies given until July 20 to clear outstanding dues or complete compulsory buy-back to avoid SECP action
KARACHI: The Pakistan Stock Exchange (PSX) has warned that it will refer three listed companies to the Securities and Exchange Commission of Pakistan (SECP) for winding-up proceedings if they fail to comply with compulsory buy-back directions or clear outstanding exchange dues by July 20, 2026.
In a notification issued on Monday, the PSX said the warning follows its earlier notices PSX/N-438, PSX/N-439 and PSX/N-440, issued on April 20, 2026, directing the sponsors and majority shareholders of the companies to undertake compulsory buy-backs after their continued failure to rectify violations of the PSX Regulations.
The companies named in the notice are:
• Imperial Limited (IML) – Non-compliance with PSX Regulation 5.11.1(d) relating to the failure to pay outstanding dues to the exchange.
• Dadabhoy Construction Technology Limited (DCTL) – Non-compliance with PSX Regulations 5.11.1(a), 5.11.1(d), 5.11.1(g) and 5.11.2(a).
• Haseeb Waqas Sugar Mills Limited (HWQS) – Non-compliance with PSX Regulations 5.11.1(a) and 5.11.1(d).
According to the PSX, the companies have been granted a final deadline of July 20, 2026, to either rectify their non-compliance with Regulation 5.11.1(d) by clearing all outstanding dues payable to the exchange or ensure that their sponsors and majority shareholders comply with the compulsory buy-back directions.
The stock exchange cautioned that failure to satisfy either requirement within the stipulated timeframe will result in the cases being referred to the SECP under Clause 5.11.3(g) of the PSX Regulations.
Upon referral, the SECP may initiate winding-up proceedings against the companies under the relevant provisions of the Companies Act, 2017.
The PSX said the compulsory buy-back mechanism forms part of its regulatory framework designed to safeguard investors and address prolonged non-compliance by listed companies that fail to meet the exchange’s regulatory, governance and financial obligations.
The latest warning underscores the exchange’s efforts to strengthen market discipline and ensure listed companies adhere to the regulatory standards required to maintain investor confidence and the integrity of Pakistan’s capital market.