The Karachi Stock Exchange Limited’s notice of intention to suspended CDC eligibility of ordinary share (non-voting) of Azgard Nine Limited under the CDC regulations
Karachi, March 14, 2013 (PPI-OT): 1. Whereas vide our letter no, FL/NOV-2012/OPS/024 dated November 27,2012 issued to Azgard Nine Limited (hereinafter referred to as the “Issuer”) pursuant to Regulation 8.11.2 of the CDC Regulations, you were required to:
a. appoint an Independent Registrar/ Transfer Agent for the Ordinary Shares (Non-Voting) (hereinafter referred to as the “said Security”) and inform us accordingly latest by January 26, 2013: and
b. Provide authentication from your Statutory Auditor in the form of a Certificate on the basis of the guidelines as provided.
2. AND WHEREAS no action was taken with respect to the CDC letter whereby a reminder was also sent to the Issuer vide our letter no. FL/JAN-2013/OPS/016 dated January21, 2013 advising you to comply with the said requirement latest by the said Date failing which action will be initiated in accordance with the CDC Regulations.
3. AND WHEREAS the CDC Regulations constitute a contract between the Issuer and the CDC and that such regulations are considered as if set out in the Issuer Agreement entered into by and between your company is required to abide by the CDC regulations.
A. In view of the afore going facts and circumstances arising due to your conduct as an Issuer of CDS Eligible Securities, CDC is of the reasonable opinion that you have failed to comply with the CDC Regulations despite being provided several opportunities as mentioned above.
B. CDC has decided in terms of Regulation 5.3.1 of the CDC regulations to suspend the CDS Eligibility of the said Security of the Issuer in case if you fail to comply with the said requirement within fifteen (15) Business Days of receipt of this notice.
C. This notice is given pursuant to Regulation 5.3.2 of the CDC Regulations.
For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136