Security Leasing says the Sindh High Court has restrained adverse action, including winding-up and delisting proceedings, while revival efforts continue.
KARACHI: Security Leasing Corporation Limited has urged the Pakistan Stock Exchange (PSX) to comply with a stay order issued by the Sindh High Court (SHC), which restrains adverse or coercive action against the company, including winding-up and delisting proceedings.
In a filing with the PSX on Monday, Security Leasing Corporation provided an update on its financial and legal position, as well as steps being taken by management to resolve outstanding matters and support the company’s revival efforts.
Security Leasing continues creditor settlements
The company said management had continued discussions with creditors regarding the settlement of outstanding amounts.
While some matters have already been resolved, negotiations with the remaining creditors are ongoing, with several settlements now at an advanced stage.
Security Leasing also disclosed that it expects to receive a sizeable recovery from one of its debtors in the coming days.
The anticipated recovery is expected to help the company meet its financial obligations and support its ongoing efforts to revive the business.
Company challenges SECP licence cancellation order
Security Leasing further said it had taken steps to protect its position in proceedings relating to the cancellation of its licence.
According to the company’s filing, an order issued by the Securities and Exchange Commission of Pakistan (SECP) Appellate Bench on April 8, 2025, was challenged before the Sindh High Court.
The SHC, through its order dated September 24, 2025, in Miscellaneous Appeal No. 123 of 2025, restrained the respondents from taking any adverse or coercive action against Security Leasing Corporation.
The court’s restraint also covers winding-up and delisting proceedings against the company.
Security Leasing asks PSX to suspend earlier action
Security Leasing pointed out that the Pakistan Stock Exchange is a party to the proceedings and requested the exchange to keep the SHC order on record.
The company also requested that any action initiated under an earlier notice remain suspended until the court reaches a decision on the matter.
The request comes as management continues efforts to resolve outstanding issues and strengthen the company’s position while the legal proceedings remain pending.
Management continues revival efforts
Meanwhile, Security Leasing said management was continuing its efforts to complete the remaining creditor settlements and secure outstanding recoveries.
“These matters are being followed by the management on a regular basis,” the company said, adding that the results of these efforts would be reflected in its forthcoming annual financial statements.
The company assured the PSX that it would continue to provide updates on any material developments concerning its financial position, creditor settlements, recoveries and legal proceedings.