KARACHI: Pakistan International Airlines (PIA) has canceled all flights for the next 12 hours, a spokesperson announced on Wednesday, as tensions escalated sharply with neighboring India following missile strikes.
The move comes as Pakistan’s military said at least 26 civilians had been killed and 46 injured in Indian attacks on six locations inside Pakistani territory.
India said its forces had launched “Operation Sindoor,” targeting sites it claimed were linked to a recent attack on tourists in Indian-administered Kashmir which it blamed on Pakistan despite Islamabad’s repeated denials.
Pakistan’s information minister, Attaullah Tarar, said the Pakistani military had downed five Indian jets in retaliation for the late-night strikes.
“PIA has currently canceled flights for next 12 hours. Passengers are requested to keep in contact with PIA,” Abdullah Khan, the PIA spokesperson, told Arab News.
He added that flights already airborne had been diverted to Karachi while all ground operations were put on hold.
Despite the cancelations, a source within the Pakistan Airport Authority (PAA) told Arab News the country’s airspace remained open.
“The latest NOTAM cancels previous NOTAM which has closed airspace,” the source said, sharing the latest Notice to Airmen.
Meanwhile, several Asian airlines said they were rerouting or canceling flights to and from Europe because of fighting between India and Pakistan, according to Reuters.
Taiwan’s EVA Air said it would adjust its Europe-bound flights to avoid airspace affected by the conflict.
One flight from Vienna was diverted back, while a Taipei–Milan flight was rerouted to Vienna for refueling before continuing to its destination, the airline said in a statement to Reuters.
Korean Air began rerouting its Seoul Incheon-Dubai flights on Wednesday, opting for a southern route over Myanmar, Bangladesh and India instead of Pakistani airspace.
Thai Airways said flights to Europe and South Asia would be rerouted from early Wednesday morning, warning of potential delays.
Taiwan’s China Airlines also said it had activated its contingency plan and taken measures to ensure passenger and crew safety, though it did not elaborate.
-With Input from Reuters
PIA grounds flights for 12 hours amid India-Pakistan military escalation
https://arab.news/zr4ee
PIA grounds flights for 12 hours amid India-Pakistan military escalation
- A latest Notice to Airmen circulated by authorities indicates Pakistan’s airspace remains open
- Several Asian airlines are still rerouting or canceling their flights amid India-Pakistan tensions
Pakistan regulator amends law to facilitate capital raising by listed companies
- The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue
- Previously, listed companies were prohibited from announcing a rights issue if the company, officials or shareholders had any overdue amounts
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Companies (Further Issue of Shares) Regulations 2020 to facilitate capital raising by listed companies while maintaining adequate disclosure requirements for investors, it announced on Monday,
The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue. Previously, listed companies were prohibited from announcing a rights issue if the company, its sponsors, promoters, substantial shareholders, or directors had any overdue amounts or defaults appearing in their Credit Information Bureau (CIB) report.
This restriction constrained financially stressed yet viable companies from raising capital, even in circumstances where existing shareholders were willing to support revival, restructuring, or continuation of operations, according to the SECP.
“Under the amended framework, the requirement for a clean CIB report will not apply if the relevant persons provide a No Objection Certificate (NOC) regarding the proposed rights issue from the concerned financial institution(s),” the regulator said.
The notification of the amendments follows a consultative process in which the SECP sought feedback from market stakeholders, including listed companies, issue consultants, professional bodies, industry associations, law firms, and capital market institutions.
The amendments are expected to enhance market confidence, improve access to capital for listed companies, and strengthen transparency within the rights issue framework, according to the SECP.
“To ensure transparency and protect investors’ interests, companies in such cases must make comprehensive disclosures in the rights offer document,” the regulator said.
“These disclosures must include details of any defaults or overdue amounts, ongoing recovery proceedings, and the status of any debt restructuring.”
The revised regulations strike an “appropriate balance” between facilitating corporate rehabilitation and enabling investors to make informed investment decisions, the SECP added.
