The Lahore Stock Exchange (LSE) Board of Directors has suspended trading in the shares of Crescent Spinning Mills and Colony Woolen Mills in the interest of general public for a period of 60 days, effective from May 19. In two separate notices circulated by LSE to its members, it has been stated Crescent Spinning Mills Ltd, and Woolen Mills Ltd, were in default of Listing Regulations of the Exchange, including non-payment of annual listing fee for more than two years, non-declaration of dividend or bonus for five-year from the date of last declaration, and violation of other reporting requirements.
Meanwhile, on the petition filed by United Bank Limited (UBL) against the Crescent Spinning Mills, Lahore High Court (LHC) vide order dated May 05, 2002 has approved winding up of the company and appointed official liquidator. Whereas Colony Woolen Mills Ltd has gone into members voluntarily winding up by virtue of special resolution passed at the extraordinary general meeting (EOGM) of the company held on December 13, 2004.
Therefore, under the Listing Regulations No 32(1)(b)(d)(e)(f) of LSE, the said companies were required to be suspended, the notices said.
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