Latest news with #Rs169
Business Recorder
15-07-2025
- Business
- Business Recorder
Fazal Cloth Mills denies knowledge of price trigger as stock soars 132% in 30 days
Fazal Cloth Mills Limited (FZCM) said that it was not aware of any matter contributing to the unusual movement in the share price of the company during the recent period. The mills dismissed the reports in a notice to the Pakistan Stock Exchange (PSX) today. 'The letter requires the company to furnish the reasons and/or any material information in the Company's knowledge which may have resulted in substantial increase in price of FZCM during the preceding period,' it wrote in its notice. In the last 30 days, the share price of Fazal Cloth Mills has risen from Rs169 to Rs391.99, a significant increase of 132%. The company, in its notice on Tuesday, said that there was no material information which has not previously been disclosed to the market in this regard. 'We assure you that the Company is fully cognizant of all applicable legal requirements with regard to dissemination of material information and if there will be any material information the same will be disseminated in accordance with the applicable requirements of the Securities Act, 2015 and Rule Book of Pakistan Stock Exchange Limited.' The mill was set up under the Companies Act, 1913 (now, Companies Act, 2018) in 1966 as a public limited company. It manufactures and sells yarn and fabric. Currently, it has seven spinning units with all of which have a captive gas-fired power generation with a capacity of 38.72 MW.
Time of India
06-05-2025
- Business
- Time of India
Nagpur civic body struggles as property tax arrears hit Rs 938 crore in 2025
NAGPUR : The cash-strapped Nagpur Municipal Corporation (NMC) continues to struggle with its finances with property tax arrears soaring to a staggering Rs938 crore at the end of the 2024-25 financial year. As per NMC data, over 67% of property owners have defaulted on paying their property tax, leaving the civic body high and dry. While the NMC collected about Rs318 crore in property tax in the last fiscal year, the unpaid dues are almost three times of recovered amount, revealing a severe compliance and enforcement gap. Out of 6.87 lakh total properties registered within the municipal limits, 4.6 lakh failed to pay tax in the last financial year. NMC's property tax target was Rs325 crore but it ended up recovering only Rs284 crore, excluding tax from govt properties. Ashi Nagar zone reported the highest number of defaulters, with 1.08 lakh out of 1.19 lakh properties not paying their dues. This zone alone accounts for nearly Rs169 crore in arrears. Mangalwari and Laxmi Nagar zones followed closely with 51,813 and 40,729 defaulting properties, respectively. Arrears in Mangalwari stand at a whopping Rs159.6 crore, while Laxmi Nagar owes Rs153 crore. These three zones together account for almost half of NMC's total pending dues. Dhantoli zone has lowest number of defaulting properties, but it still accounts for Rs50.9 crore pending dues. Of 22,521 properties in the zone, 10,034 defaulted in property tax payment. Gandhibag recorded 14,906 defaulters from 27,459 properties, with pending dues of Rs18.9 crore — the lowest arrear amount among all zones. Sataranjipura also showed relatively better compliance, with 26,273 properties defaulting out of 42,039, adding up to Rs32.9 crore in unpaid taxes. Overall, the total number of defaulters across all 10 zones is 4,60,685 with cumulative arrears at Rs938.7 crore. Civic officials acknowledge that the growing tax default trend is undermining the municipal corporation's ability to fund infrastructure and basic services. Despite several awareness drives and notices issued to property owners, enforcement measures have remained largely ineffective. According to sources, officials are reportedly planning stricter recovery actions, including sealing of properties, publication of defaulter lists, and possible legal action. However, without systematic reforms and a stronger administrative push, the civic body's financial health may continue to decline under the weight of unpaid dues.
Time of India
05-05-2025
- Business
- Time of India
NMC Stares At Over Rs938 Crore In Property Tax Arrears
Nagpur: The cash-strapped Nagpur Municipal Corporation (NMC) continues to struggle with its finances with property tax arrears soaring to a staggering Rs938 crore at the end of the 2024-25 financial year. As per NMC data, over 67% of property owners have defaulted on paying their property tax, leaving the civic body high and dry. While the NMC collected about Rs318 crore in property tax in the last fiscal year, the unpaid dues are almost three times of recovered amount, revealing a severe compliance and enforcement gap. Out of 6.87 lakh total properties registered within the municipal limits, 4.6 lakh failed to pay tax in the last financial year. NMC's property tax target was Rs325 crore but it ended up recovering only Rs284 crore, excluding tax from govt properties. Ashi Nagar zone reported the highest number of defaulters, with 1.08 lakh out of 1.19 lakh properties not paying their dues. This zone alone accounts for nearly Rs169 crore in arrears. Mangalwari and Laxmi Nagar zones followed closely with 51,813 and 40,729 defaulting properties, respectively. Arrears in Mangalwari stand at a whopping Rs159.6 crore, while Laxmi Nagar owes Rs153 crore. These three zones together account for almost half of NMC's total pending dues. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Start Here - 2025 Top Trend Local network access control Esseps Learn More Undo Dhantoli zone has lowest number of defaulting properties, but it still accounts for Rs50.9 crore pending dues. Of 22,521 properties in the zone, 10,034 defaulted in property tax payment. Gandhibag recorded 14,906 defaulters from 27,459 properties, with pending dues of Rs18.9 crore — the lowest arrear amount among all zones. Sataranjipura also showed relatively better compliance, with 26,273 properties defaulting out of 42,039, adding up to Rs32.9 crore in unpaid taxes. Overall, the total number of defaulters across all 10 zones is 4,60,685 with cumulative arrears at Rs938.7 crore. Civic officials acknowledge that the growing tax default trend is undermining the municipal corporation's ability to fund infrastructure and basic services. Despite several awareness drives and notices issued to property owners, enforcement measures have remained largely ineffective. According to sources, officials are reportedly planning stricter recovery actions, including sealing of properties, publication of defaulter lists, and possible legal action. However, without systematic reforms and a stronger administrative push, the civic body's financial health may continue to decline under the weight of unpaid dues. |
Express Tribune
03-05-2025
- Business
- Express Tribune
Minister promises 'people friendly' K-P budget
Khyber-Pakhtunkhwa Minister for Agriculture Major (retd) Muhammad Sajjad Barakwal has said that the upcoming budget will be people-friendly. Priority will be given to Agriculture, Sports among other sectors. The previous budget was not up to the public expectations due to lack of time and financial constraints. Funds were not available for paying salaries of government employees however currently Rs169 billion funds are available without any new tax out of which three months of salaries can be paid.
Express Tribune
12-02-2025
- Health
- Express Tribune
K-P to curb Ramazan price gouging
PESHAWAR: Khyber-Pakhtunkhwa Chief Minister Ali Amin Gandapur has ordered strict action against profiteers across the province ahead of the holy month of Ramazan. He was addressing a meeting of the provincial cabinet on Wednesday. During the meeting it was revealed that the government has cleared Rs78.5 billion inherited liabilities and increased the provincial revenue by over 49 per cent while the surplus budget during the last six months has crossed the Rs169 billion mark. The 23rd meeting of the provincial cabinet was held at the Civil Secretariat Peshawar. Ministers, advisors, special assistants, chief secretary, additional chief secretaries, senior member Board of Revenue, and administrative secretaries participated in the meeting. In his opening remarks, the CM stated that the draft Ramazan package of the K-P government was almost ready and will soon be presented to the cabinet for approval. He said that each parliamentarian would submit a list of 5,000 needy individuals from his constituency, who would receive Rs10,000 each as part of the package. He emphasized that all parliamentarians must ensure the timely submission of names, photocopies of CNICs, and EasyPaisa account details to the relevant offices. He also said that local administration should be timely mobilized so that no profiteer exploits the general public during the holy month of Ramazan. He also stressed ensuring transparency in these processes. It was also revealed that the 26th meeting of the cabinet will review the one year performance of each and every provincial department. The cabinet approved the provision of Rs1,212.96 million as a non-ADP scheme for the treatment of hemophilia patients in the province. The scheme will be funded 50 per cent each by the provincial government and Roche Pakistan. It was further revealed that currently, there are 850 hemophilia patients registered in K-P, out of whom 65 children are unable to get treatment due to the high cost of medicines. The cabinet approved Rs19.374 billion for the construction of Buner-Karakar Tunnel in Buner district and a bridge over the Indus River in Torghar district. The construction of Karakar Tunnel will significantly reduce travel time between Buner and Swat, while the bridge will strengthen ties among the people of Malakand, Hazara and Mardan divisions. The Cabinet also approved the re-appropriation of Rs781.485 million in unspent funds from the 'Development of Tourists Spots in Khyber-Pakhtunkhwa' scheme to the 'Rehabilitation of Flood Damaged Rural Roads under the Counter Value Funds scheme. These funds will now be utilized for the construction of tourist roads. It also approved the provision of a grant of Rs100 million to the Sports and Youth Affairs Department for the revival of the Youth Endowment Fund. This fund will be used for capacity building of youth organizations, financial assistance for participation in national and international conferences, cash prizes for outstanding youth, and other youth related activities. The cabinet also approved the release of a grant of Rs80 million for Cadet College Mammad Gat (Mohmand) and a grant-in-aid of Rs80 million for Peshawar Model School and College.
