LAHORE: It is hereby informed to all concerned that Metropolitan Steel Corporation Limited is in default of Listing Regulation No. 301b of the Exchange i.e. Non-Holding of Annual General Meetings for two or more years. The Regulation No. 301b is reproduced hereunder for information:
301b A listed company shall be placed in the Defaulters’ Segment if it has failed to hold its Annual General Meeting for two consecutive years.
i Trading shall be suspended in shares of such company and notice of suspension, including therein the cause of suspension, shall be disseminated immediately to any other stock exchanges on which such company is listed. The suspension in trading of shares of the company shall continue till the default is rectified and annual accounts are approved;
ii The Exchange shall, on the date of suspension of a company due to violation of Regulation 301b issue notice to the company under intimation to the Commission, for rectifying the default within a period of 90 days. Provided that upon failure to rectify the default within 90 days, the Exchange may, under intimation to the Commission and on reasonable grounds that the default would be rectified, provide the company with an additional period of not more than 90 days to rectify the default;
iii Upon failure of the company to rectify the default within the period specified by the Exchange under Regulation 301bii above, the Exchange through a notice in writing shall delist the company under intimation to the Commission.
As required under the above Regulation, trading in the shares of the Company will be suspended w.e.f. Thursday, January 24, 2013 in exercise of the powers vested in the Exchange under Sub-Section 7 of the Section 9 of the Securities & Exchange Ordinance, 1969 and the Listing Regulations of the Exchange.
The Company will be required to rectify the defaults within 90 days i.e. April 23, 2013, failing which the Exchange shall proceed to delist the Company from the Exchange in accordance with the Listing Regulations. The case of the Company is also being forwarded to the SECP for initiating further action under the Companies Ordinance, 1984 against the Company/management as may be deemed appropriate.
The Company in terms of the Listing Regulations may opt for voluntary delisting through buyback of shares of the minority shareholders by the sponsors/majority shareholders in accordance with Listing Regulation No. 30A, if it is so desired.