THE KARACHI STOCK EXCHANGE (GUARANTEE) LIMITED
23-02-2011
S. Name of Suspended Company / Effective Date
Reasons for Suspension
No. Security of Suspension
1 Rashid Textile Mills Limited August
16, Directive received from SECP. The High Court
2010 of Sindh vide its decision on 23.02.2004
passed an order for winding up of the
company and appointed Mr. Mahfooz Yar
Khan, as Official Liquidator.
2 Siftaq International Limited August
16, Directive received from SECP. Winding up
2010 ordered 15.06.2006.
3 Fazal Vegetable Ghee Mills Limited August
16, Directive received from SECP. High Court of
2010 Lahore Rawalpindi Bench has passed winding-
up orders of the Company on 20.03.2006 in
C.No.6/2004 and appointed Official Liquidator
of the Company.
4 Pak Ghee Industries Limited August
16, Directive received from SECP. High Court of
2010 Lahore has passed winding-up orders of the
Company on 14.02.2007 in C.No.27/2006 and
appointed Official Liquidator of the Company.
5 Extraction (Pakistan) Limited August
16, Directive received from SECP. Mr. Abid Tirmizi
2010 has been appointed as Official Liquidator.
6 Valika Woollen Mills Limited August
16, Directive received from SECP. Winding up by
2010 order of the Court dated September 3, 2004
7 Medi Glass Limited August
16, Directive received from SECP. Mr. Adil Nisar
2010 Khan appointed as Official Liquidator.
8 Mineral Grinding Mills Limited August
16, Directive received from SECP. On December
2010 31, 2003 an order was passed by the
Commissioner (CLD) to initiate winding-up
proceedings against the company as the
company has not held its AGMs since 1999
and has also suspended its business for more
than four years. The Honourable High Court of
Sindh has appointed Official Liquidator to sell
out the asset of the Company.
9 Abson Industries Limited August
16, Directive received from SECP. Liquidator
2010 appointed on 30-5-2000.
10 Universal Oil & Vegetable Ghee Mills August
16, Directive received from SECP. The Company
Ltd.
2010 has been dissolved vide Court Order dated
24.10.2005.
11 Saif Nadeem Kawasaki Motors August
16, Directive received from SECP. Winding up
Limited
2010 petition u/s 305 and 309 was filed in 2003 and
is pending for adjudication in the Peshawar
High Court Bench, at Abbotabad.
12 Prudential Stocks Fund Limited August
16, Directive received from SECP. An order for
2010 winding up of the company was issued on May
20, 2008. Winding up order was challenged by
the company, petition pending in Court for
decision.
Page 1 of 8
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S. Name of Suspended Company / Effective Date
Reasons for Suspension
No. Security of Suspension
13 Quality Steel Works Limited August
16, Directive received from SECP. Beside imposing
2010 penalty of around 3 million, under Section
158, 171 and 245, Winding up Order has also
been passed by the Commission and petition
for winding up the Company is filed in the
Sindh High Court.
14 English Leasing Limited August
16, Directive received from SECP. Winding-up
2010 Petition filed in May 2008.
15 First Dadabhoy Modaraba August
16, Directive received from SECP. Petition for
2010 winding up has been filed before the
Modaraba Tribunal, Karachi.
16 Sunshine Cotton Mills Limited August
16, Directive received from SECP. The company
2010 filed winding up petition in the Lahore High
Court which is pending for further
proceedings.
17 Sadoon Textile Industries Limited August
16, Directive received from SECP. Under winding
2010 up, Petition filed.
18 Taxila Engineering Limited August
16, Directive received from SECP. Winding up
2010 petition filed in PHC. The case is
pending for
decision.
19 Qayyum Spinning Mills Limited August
16, Directive received from SECP. Company had
2010 filed petition in the High Court of Sindh on
April 16, 2004 for its winding up by the Court.
20 Hakkim Textile Mills Limited August
16, Directive received from SECP. Winding up
2010 petition filed.
21 Suraj Ghee Industries Limited August
16, Directive received from SECP. GCP filed a
2010 creditors liquidation petition (C.O. No.121/94)
in the Lahore High Court. The liquidation
proceedings are under process.
22 MacDonald Layton & Company Ltd. August
16, Directive received from SECP. The Company
2010 has failed to hold its AGM for the years 2003,
2004, 2005, 2006, 2007 and 2008. Under
proceedings of section 158, 245 and 170.
23 Hallmark Insurance Company Ltd. August
16, Directive received from SECP. The Company
2010 had failed to hold its annual general meeting
for the years 2006 and 2007. The Company
has suspended its operations since 2003. The
Company submitted its accounts for the year
ended December 31, 2007. Order passed
under Section 245 for non filing of quarterly
accounts for the quarter ended March 31,
2008 but the Company is not responding now.
Notices issued for violation of section 156,
205, 242 of the Companies Ordinance, 1984.
The Company has been ceased from
underwriting new insurance business.
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S. Name of Suspended Company / Effective Date
Reasons for Suspension
No. Security of Suspension
24 Ittefaq General Insurance Co. Limited August
16, Directive received from SECP. The Company
2010 did not submit Annual Audited Accounts for
the year ended 2008 and Notice of AGM for
the AGM of said year. The Company did not
file accounts for first, second and third quarter
of year 2008. The Company is in continued
default with respect to the requirement of
Capital and Statutory Deposits under the
Insurance Ordinance, 2000. The Company is
ceased to underwrite new insurance business.
The Company was issued a directive to cease
entering into new contracts of insurance
business on 1st January 2003. The Commission
has also served a three months notice for the
initiation of winding up under Section
143(2)(c) of the Insurance Ordinance as the
Company has failed to submit its annual &
quarterly accounts for the last five years.
25 Prudential Discount & Guarantee August
16, Directive received from SECP. Winding up
House Limited
2010 Petition was filed in 2002. Presently the
winding up petition of the company is pending
adjudication before the Honorable Islamabad
High Court.
26 Kashmir Polytex Limited August
16, Directive received from SECP. Violation of
2010 section 158, 245 of the Companies Ordinance,
1984. Annual returns (form A) not filed since
2006, form 29 not filed since 2000. Company
kind is AJK listed company i.e. foreign
company.
27 Delta Insurance Company Limited March
16, Directive received from SECP. SECP had
2010 initiated winding-up proceedings against the
company in the court of law on account of
non-compliance of various provisions of the
Insurance Ordinance, 2000 and the Companies
Ordinance, 1984.
28 Sterling Insurance Company Limited March
16, Directive received from SECP. SECP had
2010 initiated winding-up proceedings against the
company in the court of law on account of
non-compliance of various provisions of the
Insurance Ordinance, 2000 and the Companies
Ordinance, 1984.
29 Pakistan Guarantee Insurance March
16, Directive received from SECP. SECP had
Company Ltd.
2010 initiated winding-up proceedings against the
company in the court of law on account of
non-compliance of various provisions of the
Insurance Ordinance, 2000 and the Companies
Ordinance, 1984.
30 Azgard Nine (Preference Shares) November
20, On account of consolidation / clubbing and
2009 conversion of cumulative preference shares
into ordinary shares
31 Usman Textile Mills Limited November
17, On account of revocation of CDS eligibility of
2009 the ordinary shares of the company by the
CDC.
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S. Name of Suspended Company / Effective Date
Reasons for Suspension
No. Security of Suspension
32 First Investec Modaraba November
17, On account of revocation of CDS eligibility of
2009 the Certificates of the Modaraba by the CDC.
33 Investec Securities Limited November
17, On account of revocation of CDS eligibility of
2009 the ordinary shares of the company by the
CDC.
34 Unity Modaraba November
17, On account of revocation of CDS eligibility of
2009 the certificates of the Modaraba by the CDC.
35 Al-Mal Securities & Services Limited November
17, On account of revocation of CDS eligibility of
2009 the ordinary shares of the company by the
CDC.
36 Investec Mutual Fund Limited October
26, On account of revocation of CDS eligibility of
2009 the certificates of the Fund by the CDC.
37 Dominion Stock Fund Limited October
26, On account of revocation of CDS eligibility of
2009 the certificates of the Fund by the CDC.
38 Nazir Cotton Mills Limited October
26, On account of revocation of CDS eligibility of
2009 the ordinary shares of the company by the
CDC.
39 Nina Industries Limited October
26, On account of revocation of CDS eligibility of
2009 the ordinary shares of the company by the
CDC.
40 Dadabhoy Sack Limited October
26, On account of revocation of CDS eligibility of
2009 the ordinary shares of the company by the
CDC.
41 Pakistan Industrial & Commercial October
26, On account of revocation of CDS eligibility of
Leasing
2009 the ordinary shares of the company by the
CDC.
42 First Islamic Modaraba August
13, Directive received from SECP. The
2009 management Company of Modaraba is under
Liquidation consequent to winding-up
proceedings initiated against it. Modaraba is
non operational and winding-up proceedings
are in process.
43 Noor Silk Mills Limited August
11, Directive received from SECP. SECP during the
2009 inspection noted the serious observations /
irregularities / violations of law by Company
including fraud committed by Director,
concealment of company's income, non
maintenance of proper books of accounts, non
compliance with the directions of SECP etc.
Therefore SECP in process of initiating
winding-up proceedings against the company.
44 Regent Textile Mills Limited July 22,
2009 Restriction on movement of shares by the
Honourable High Court of Sindh
45 Zeal Pak Cement Factory Limited July 13,
2009 Restriction on movement of shares by the
Honourable High Court of Sindh.
46 Saitex Spinning Mills Limited May 7,
2009 On account of liquidation of the Company
through Court Order
47 National Asset Leasing Corp Limited March
24, On account of revocation of CDS eligibility of
2009 the ordinary shares of the company by the
CDC.
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S. Name of Suspended Company / Effective Date
Reasons for Suspension
No. Security of Suspension
48 Southern Networks Limited March 2,
2009 On account of revocation of CDS eligibility of
the ordinary shares of the company by the
CDC.
49 Dadabhoy Insurance Company January
30, Directive received from SECP. The company is
Limited
2009 non-compliant with various provisions of
Insurance Ordinance, 2000.
50 Progressive Insurance January
30, Directive received from SECP. The company is
2009 non-compliant with various provisions of
Insurance Ordinance, 2000.
51 Platinum Insurance Company Limited January
30, Directive received from SECP. The company is
2009 non-compliant with various provisions of
Insurance Ordinance, 2000.
52 The Union Insurance Company of January
30, Directive received from SECP. The company is
Pakistan Ltd.
2009 non-compliant with various provisions of
Insurance Ordinance, 2000.
53 Indus Polyester Company Limited November
11, On account of voluntary winding-up of the
2008 company.
54 Harum Textile Mills Limited September
5, On account of revocation of CDS eligibility of
2008 the ordinary shares of the company by the
CDC.
55 Prudential Investment Bank Limited September
5, On account of revocation of CDS eligibility of
2008 the ordinary shares of the company by the
CDC.
56 Norrie Textile Mills Limited September
2, On account of revocation of CDS eligibility of
2008 the ordinary shares of the company by the
CDC and also gone into winding-up through
court order.
57 InterAsia Leasing Company Limited April 2,
2008 On account of liquidation of the Company
through Court Order
58 Adil Textile Mills Limited March
31, On account of revocation of CDS eligibility of
2008 the ordinary shares of the company by the
CDC.
59 Sahrish Textile Mills Limited March
12, On account of revocation of CDS eligibility of
2008 the ordinary shares of the company by the
CDC.
60 Business & Industrial Insurance March 5,
2008 Directive received from SECP. The company
has failed to comply with various provisions of
the Insurance Ordinance, 2000 and the
Companies Ordinance, 1984.
61 Natover Lease & Reference (Ordinary February
13, Directive received from SECP. SECP has
& Pref.) 2008
conducted an on-site inspection of the
company. The inspection findings revealed
that the company involved in various dubious
transactions in violation of the prevailing
regulatory framework.
62 Polyron Limited October
11, On account of liquidation of the Company
2007 through Court Order
63 Islamic Investment Bank Limited July 17,
2007 Directive received from SECP. The Company is
an NFBC in financial distress. Winding-up
proceedings were initiated against the
company in 2005.
64 Kausar Paints Limited June 28,
2007 On account of liquidation of the Company
through Court Order
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S. Name of Suspended Company / Effective Date
Reasons for Suspension
No. Security of Suspension
65 Beema Pakistan Company Limited May 3,
2007 Directive received from SECP. The company
had issued further share capital amounting to
Rs.425.897 other than right issue without prior
approval of SECP, which is violation of Section
86(1) of the Companies Ordinance, 1984 and
the requirements of Rule 8 of the Capital Issue
Rules, 1996 (condition i & iv) were also not
complied with.
66 Uqab Breeding Farms Limited April 9,
2007 On account of liquidation of the Company
through Court Order
67 Schon Modaraba March
14, On account of winding-up order of the
2007 Modaraba Tribunal
68 Pak Fibre Industries Limited January
22, On account of liquidation of the Company
2007 through Court Order
69 Adil Polypropylene Products Limited October
5, Directive received from SECP. A winding-up
2006 petition was filed by SECP under Section 309
of the Companies Ordinance, 1984 in the
Honourable Peshawar in October 2004. The
Company is in violation of Section 305(c) of
the Companies Ordinance, 1984.
70 Caravan East Fabrics Limited
September On account of Members' voluntary winding-up
15,
2006 of the company.
71 LTV Capital Modaraba November
28, On account of winding-up order passed by the
2005 Banking Court No.1 and Modaraba Tribunal,
Karachi
72 Pakistan Northern Insurance July 18,
2005 Committed various defaults including Winding
Company
Limited up through
Court order on petition filed by the
SECP.
73 Awan Textile Mills Limited July 18,
2005 Committed various defaults including Winding
up through Court order on petition filed by the
SECP.
74 Taga Pakistan Limited July 18,
2005 Committed various defaults including Winding
up through Court order on petition filed by the
SECP.
75 Pakistan Dairies Limited July 18,
2005 Committed various defaults including Winding
up through Court order on petition filed by the
SECP.
76 Regal Ceramics Limited July 18,
2005 Committed various defaults including Winding
up through Court order on petition filed by the
SECP.
77 Junaid Cotton Mills Limited July 18,
2005 Committed various defaults including Winding
up through Court order on petition filed by the
SECP.
78 Alif Textile Industries Limited July 18,
2005 Committed various defaults including Winding
up through Court order on petition filed by the
SECP.
79 Apex Fabrics Limited July 18,
2005 Committed various defaults including Winding
up through Court order on petition filed by the
SECP.
80 Myfip Video Industries Limited July 18,
2005 Committed various defaults including Winding
up through Court order on petition filed by the
SECP.
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S. Name of Suspended Company / Effective Date
Reasons for Suspension
No. Security of Suspension
81 Mehran Jute Mills Limited` July 18, 2005
Committed various defaults including Winding
up
through Court order on petition filed by the
SECP.
82 Azmat Textile Mills Limited July 18, 2005
Committed various defaults including Winding
up
through Court order on petition filed by the
SECP.
83 Bahawalpur Textile Mills Limited July 18, 2005
Committed various defaults including Winding
up
through Court order on petition filed by the
SECP.
84 Kaiser Arts and Kraft Limited July 18, 2005
Committed various defaults including Winding
up
through Court order on petition filed by the
SECP.
85 Modern Textile Mills Limited June 15, 2005
On account of voluntary winding-up of the
company.
86 Colony Wollen Mills Limited May 9, 2005
On account of voluntary winding-up of the
company.
87 Schon Textiles Limited May 9, 2005
On account of liquidation of the Company
through Court Order
88 Crescent Spinning Mills Limited May 9, 2005
On account of liquidation of the Company
through Court Order
89 Sind Alkalis Limited December 28,
On account of liquidation of the Company
2004
through Court Order
90 Turbo Tec Limited July 23, 2002
Committed various defaults including gone
into
liquidation
91 Cass Pak Industries Limited July 23, 2002
Committed various defaults including gone
into
liquidation
92 Pan Islamic Steamship Company July 23, 2002
Committed various defaults including gone
Limited into
liquidation
93 Tariq Cotton Mills Limited April 22, 2002 On
account of liquidation of the Company
through Court Order
94 National Fibers Limited August 13,
On account of liquidation of the Company
2001
through Court Order
95 Harnai Woollen Mills Limited July 16, 2001
Having gone into liquidation and committed
various defaults under Listing Regulation
No.30
96 1st Tawakkal Modaraba July 16, 2001
Committed various defaults under Listing
Regulation No.30
97 Tawakkal Limited July 16, 2001
Having gone into liquidation and committed
various defaults under Listing Regulation
No.30
98 Tawakkal Garments Limited July 16, 2001
Having gone into liquidation and committed
various defaults under Listing Regulation
No.30
99 Kohinoor Looms Limited July 16, 2001
Having gone into liquidation and committed
various defaults under Listing Regulation
No.30
100 Zahur Textile Mills Limited July 16, 2001
Committed various defaults under Listing
Regulation No.30
101 Mian Muhammad Sugar Mills Limited July 16, 2001
Committed various defaults under Listing
Regulation No.30
102 Standard Insurance Company Limited July 16, 2001
Committed various defaults under Listing
Regulation No.30
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S. Name of Suspended Company / Effective Date
Reasons for Suspension
No. Security of Suspension
103 Ayaz Textile Mills Limited July 16, 2001
Committed various defaults under Listing
Regulation No.30
104 Mohib Exports Limited July 16, 2001
Having gone into liquidation and committed
various defaults under Listing Regulation
No.30
105 Data Agro Limited July 16, 2001
Committed various defaults under Listing
Regulation No.30
106 Muslim Ghee Mills Limited July 16, 2001
Having gone into liquidation and committed
various defaults under Listing Regulation
No.30
107 Ittefaq Textile Mills Limited July 16, 2001
Committed various defaults under Listing
Regulation No.30
108 Bela Engineers Limited July 16, 2001
Having gone into liquidation and committed
various defaults under Listing Regulation
No.30
109 Karim Silk Mills Limited October 2,
Directive received from SECP
2000
110 Karim Cotton Mills Limited October 2,
Directive received from SECP
2000
111 Dadabhoy Leasing Company Limited October 11,
On account of liquidation of the company
1998
through court order.
112 Tri-Star Shipping Lines Limited August 31,
Winding Up by Court through resolution
1998
passed by the Board of Director
Page 8 of 8
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