Karachi: The Chief Executive Officer, Fawad Textile Mills Limited
By our notice dated March 06, 2012 issued to Fawad Textile Mills Limited (hereinafter referred to as the (“Issuer”) under Regulation 5.3.2 of the Central Depository Company of Pakistan Limited Regulations (“the CDC Regulations”), we showed our intention to suspend the Central Depository System Eligibility (“CDS Eligibility”) of ordinary shares (Security Symbol; FTM) (hereinafter referred to as the “said Securities”) of Issuer with effect from March 16, 2012, if the Issuer fails to comply with Regulation 13.7.1 of the Regulations within seven (7) Business Days from the date of such notice by submitting duly authenticated R/TA Reconciliation Report from their external auditors for the period ended Juno 30, 2011, along with payment of fine of Rs. 10,000/-, falling which CDS Eligibility of the said Securities of the Issuer will be suspended.
It is now notified that CDC has decided to suspend the CDS Eligibility of the said Securities of the Issuer with effect from Tuesday, March 20, 2012 on account of failure of the Issuer to comply with Regulation 13.7.1 of the CDC Regulations and non-payment of fine of Rs. 10,000/. This suspension shall remain in force till further notice, During the suspension period no new deposit requests will be accepted in the CDS.
It is to be noted that as per the CDC Regulations, if a suspension of the CDS Eligibility of any Securities of an Issuer continues for 60 Business Days, CDS Eligibility of such Securities may be revoked with effect from End of Day on the last day of the suspension.
Consequent upon revocation of CDS Eligibility of an Issuer, all the Securities of such Issuer held in the accounts and sub-accounts in the CDS represented by Book-entry Securities will be cancelled including Securities held under pledged position.
Please note that this suspension is in addition to the suspension imposed pursuant to our notice dated February 16, 2012. The suspension shall remain in force till such time the causes of both suspensions are removed by the Issuer in every respect.
Further, as required under Regulation 5.3.3. (b), a copy of this notice is being sent to the Stock Exchanges on which the Securities of the Issuer are Listed.
For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136