The Pakistan Stock Exchange (PSX) issued a notice on Wednesday announcing that it had placed Pakistan International Airlines (PIA) on its defaulters' segment.

According to the notice, the national flag carrier was placed on the list for failure to hold an annual meeting and submit a statement of audited accounts for the year ending Dec 2017.

According to the notice, if a company fails to hold an annual general meeting or submit a statement of audited accounts for two consecutive years, "trading in shares of the company shall be suspended immediately by the Exchange".

It added that the company could be given 90-days to resolve "non-compliance" after which further action could be taken.

Speaking to DawnNews TV, PIA spokesman Mashood Tajwar said that the company had not provided the account details for one year, not two years, and they were attempting to rectify the matter as soon possible.

He added that an annual general meeting would be called very soon.