The Karachi Stock Exchange (Guarantee) Limited’s notice of intention to suspend tue CDS Eligibility of ordinary shares of Apollo Textile Mills Limited under the CDC Regulations
Karachi: By our letter No. CDC-MCSS-08-11-1728 dated August 10, 2011, we informed Apollo Textile Mills Limited (“Issuer”) about blocking of their R/TA authorities in the CDS consequent to termination of R/TA Services by their R/TA M/s. Hameed Majeed Associates (Private) Limited as communicated vide letter no. HMA/APTM/II dated August 08, 2011 and advised the Issuer to appoint an independent R/TA within 7 Business Days of the date of the said letter followed by various follow-ups.
It is now notified that as the Issuer has failed to appoint the independent R/TA, 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 interalia requires an Issuer to employ or retain such personnel familiar with the Regulations and Procedures as arc necessary to allow the Issuer to catty out its obligations in accord3ncc 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 appoint an independent IVTA and 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. August 30. 2011, failing which the CDS Eligibility of Ordinary Shares of the Issuer will be suspended in accordance with tilt CDC Regulations.
As a requirement of Regulation 5.3.2 of the CDC Regulations, a copy of this notice b also being sent to the Stock Exchanges where the Ordinary Shares of the Issuer are listed.
For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136