The Karachi Stock Exchange Limited’s notice of intention to suspend CDS eligibility of ordinary shares of Jubilee Spinning and Weaving Mills Limited under the CDC regulations
Karachi, March 19, 2013 (PPI-OT): This notice is issued under Regulation 5.3.2. of the Central Depository Company of Pakistan Limited Regulations (the “CDC Regulations”) for notifying the intention of CDC to suspend the Central Depository System Eligibility (“CDS Eligibility”) of the Ordinary Shares (Security Symbol: JUBS) of Jubilee Spinning and Weaving Mills Limited (hereinafter referred to as the “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 the “Schedule”).
In this regard please note that:
(a) The Issuer has failed to discharge its obligation to pay the fee and charges of CDC in the sum of Rs. 67,500 in accordance with the Schedule.
(b) Regulation 3.8.2. of the CDC Regulations provides that in consideration for the facilities and services provided to it by CDC, each CDS Element (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 obligated to settle the invoice without raising any objection; however, the Issuer has withheld the payment under the Invoices 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 settle 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 suspended with effect from Friday, March 29, 2013.
Further, as required under Regulation 5.3.2(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:
Fazal Hussain Gaffor
CFO and Company Secretary
The Karachi Stock Exchange Limited
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136