The Karachi Stock Exchange Limited’s notice of intention to suspend CDS eligibility of non-voting cumulative preference shares of Chenab Limited under the CDC regulations
Karachi, January 10, 2013 (PPI-OT): This notice is issued under Regulation 5.3.2. of the central Depository Company of Pakistan Limited Regulations (the “CDC Regulation”) for notifying the intention of CDC to suspend the Central Depository System Eligibility (“CDS Eligibility”) of the Non-Voting Cumulative preference shares (Security Symbol: CLCPS) of Chenab Limited (hereinafter to as Issuer) on account of its failure to pay the fee and charges in accordance with the schedule of Fees and Deposits of the CDC Regulations (hereinafter referred to as “Schedule”).
In this regard please note that:
a) The issuer has failed to discharge its obligations to pay the fee and changes of CDC in the sum of Rs. 67,500 in accordance with the schedule.
b) Regulation 3.8.2 of the CDC Regulations Provide that in consideration for the facilities and service provided to it by CDC each CDS Elements (including the issuer) shall pay fees and charges to CDC in accordance with the Schedule further as per the issuer Agreement the CDC Regulations constitute a contractual obligation between CDC and the issuer and are to be read as an integral part of the said Agreement.
c) The issuer is contractually obliged to settle the invoice without raising any objections: however, the issuer has without the payment under the invoice despite CDC’s reminder thereby causing loss to CDC.
In view of the afore going facts and circumstances arising due to conduct of the issuer, the issuer is hereby required to settled the invoices on or before ten (10) Business Days from the date of this notice failing which CDS Eligibility of the Securities of the issuer may be suspend with effect from Wednesday January 23, 2013.
For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136