The Karachi Stock Exchange (Guarantee) Limited’s notice of intention to suspend The CDS Eligibility of Ordinary Shares of Mohammad Farooq Textile Mills Limited
Karachi: By our letter no CDC-MCSS-06-11-1115 dated June 06, 2011, we informed Mohammad Farooq Textile Mills Limited (`Issuer”) about blocking or their R/TA authorities subsequent to outsourcing of R/TA Services by appointing M/s. F. D. Registrar Services (SMC-Pvt.) Limited and advised the Issuer to provide the relevant documents within 7 Business Days of the date of the said letter followed by various fallow- ups.
It is now notified that as the Issuer has failed to provide the relevant document to CDC, the Issuer is in continuous default in meeting the regulatory requirement vis-a-vis R/TA functions as stipulated in Regulation 5.1.1 (d), which interaIia require; an Issuer to employ or retain such personnel familiar with the Regulations and procedures as are necessary to allow the Issuer to carry out its obligations in accordance with CDC Regulations and generate, receive and process transactions and Obtain Reports in accordance with the Procedures.
In view of above default of the Issuer, CDC intends to suspend the CDS eligibility of Ordinary Shares of the Issuer and hereby gives notice under Regulation 5.3.2 of the CDC Regulations requiring the Issuer to submit the required documents with the CDC duly signed by its authorized signatories within seven (07) Business Days from the date of receipt of this notice i.e. by Tuesday, June 28, 2011, failing which the CDS Eligibility of Ordinary Shares of the Issuer will be suspended in accordance with the CDC Regulation.
As a requirement of Regulation 5.3.2 of the CDC Regulations, a copy of this notice is also being sent to the Stock Exchanges where the Ordinary shares of the Issuer are listed.
For more information, contact:
Karachi Stock Exchange
Tel: +9221 111-001122
Fax: +9221 3241 0825, +9221 3241 5136