Unity Foods Limited clarify Matters

Unity Foods Limited clarify matters related to changes in auditor and SECP inquiry that are being discussed with regard to the company and quashes the rumours that are being spread in the market. This resignation was due to the fact that the auditor had indicated its inability to complete the audit within the stipulated time as per SECP's extension to hold the AGM which was granted to the company. The new auditors have initiated the audit and the process is moving smoothly.

The company received a Show Cause Notice from the SECP on October 17, 2022, in which the respected regulator had inter alia questioned some "business decisions" made by the company in the past. We feel that the business decisions made by the company do not fall under the purview of the regulator and therefore the Show Cause Notice is unlawful hence the company sought the honourable Islamabad High Court's assistance in this matter whereby the Honorable Court has granted interim relief to the Company.