Latest news with #Rs150bn
Business Recorder
a day ago
- Business
- Business Recorder
FBR recovers Rs600bn as IHC vacates stay orders in 270 cases
ISLAMABAD: In the last few months, the Islamabad High Court (IHC) has vacated stay orders in 270 tax-related cases that had incapacitated Federal Board of Revenue (FBR) to recover more than Rs600 billion. These 270 tax-related cases were pending in the IHC for over two decades. According to the details, three IHC division benches decided these tax-related matters. The division bench of Justice Mohammad Azam Khan and Justice Raja Inaam Ameen Minhas decided an overwhelming majority of 173 of tax cases involving Rs424bn. Another IHC bench comprising Justice Babar Sattar and Justice Sardar Ejaz Ishaq Khan cleared 94 cases in which over Rs150bn recoveries were stalled. A bench comprising acting IHC Chief Justice Sardar Mohammad Sarfraz Dogar and Justice Raja Inaam Ameen Minhas lifted the stay orders and decided three petitions that had in 2023 restrained the FBR to collect Rs36bn. A two-member division bench comprising Justice Mohammad Azam Khan and Justice Raja Inaam Ameen Minhas decided 125 cases related to Income Tax References, Sales Tax References and Foreign Exchange Regulations Act. The government's recoverable Rs290.51bn were stuck in 125 cases related to ITR. 36 STR cases involved recovery of Rs131.55bn while Rs3.16bn were recoverable in 12 cases related to FERA. In February this year the Prime Minister met with Chief Justice of Pakistan (CJP) Yahya Afridi to discuss the agenda of the upcoming meeting of the National Judicial Policy Making Committee. During the meeting, the Prime Minister requested the CJP for expeditious disposal of tax-related cases. The IMF Governance and Diagnostic Assessment teams visited Pakistan to examine the governance structure of several ministries related to fiscal policy, tax policy, corruption, procurement, audits, and anti-money laundering. The NJPMC also advised for swift disposal of the tax-related matters, in its meeting held in April, asking the high courts to constitute special benches for expeditious disposal of tax-related cases. Following NJPMC's advice and directions issued by the apex court in the tax matters, the IHC Judicial Registrar put up a note before the acting CJ for consolidation of all the matters. Copyright Business Recorder, 2025
Zawya
25-02-2025
- Business
- Zawya
Tata Capital announces IPO plan: IFR
India's Tata Capital said it plans to launch an IPO which will comprise 230m primary shares and an undisclosed secondary component. The company did not indicate the size and timing of the float. Market participants expect it to raise up to Rs150bn (US$1.72bn). Additionally, Tata Capital said it is planning a rights issue of up to Rs15bn, with shareholders on the company's books as of February 25 eligible to participate. Kotak is working on the IPO and more banks are likely to join the syndicate. Non-banking finance company Tata Capital is a subsidiary of Tata Sons. The IPO is being planned to comply with the Reserve Bank of India's requirement for "upper layer" non-banking financial companies to list on the country's stock exchanges within three years of being included in this category. Tata Capital was declared an upper layer NBFC by the RBI on September 30 2022. Both Tata Capital and Tata Sons have to list by September 2025. As the parent of a complex conglomerate with multiple listed entities already, Tata Sons has been seeking an exemption from the Reserve Bank of India as going public would involve complying with demanding disclosure requirements and may limit its flexibility to make investments. Bajaj Housing Finance, which also had to list by September 2025, raised Rs65.6bn from an IPO in September, while HDFC Bank subsidiary HDB Financial Services, another company on the RBI list, has filed with the Securities and Exchange Board of India for an IPO of Rs125bn. Tata Capital's revenue in the nine months December was Rs126.9bn, up 35% from Rs94.2bn a year earlier. Net profit rose 20% to Rs20.7bn from Rs17.2bn.
