Latest news with #Rs2.7
Hindustan Times
02-06-2025
- Hindustan Times
Virat Kohli's One8 Commune faces FIR in Bengaluru for smoking zone violation
A bar and restaurant co-owned by Indian cricketer Virat Kohli has come under legal scrutiny once again, this time for allegedly failing to comply with public smoking regulations. The Cubbon Park police have filed a First Information Report (FIR) against One8 Commune, located near Kasturba Road in central Bengaluru, for violating provisions under the Cigarettes and Other Tobacco Products Act (COTPA), according to a report by Deccan Herald. Police action came after obtaining court permission and was based on findings from a recent citywide drive launched on May 29 to crack down on smoking law violations. The FIR, registered on May 31, cites Sections 4 and 21 of the Act, which pertain to prohibition and penalties for smoking in public places, the report added. According to the police, during the inspection, officers found that the establishment did not have a clearly demarcated smoking zone, an essential requirement under COTPA. The case has been registered against the pub's manager and staff. (Also Read: 'No locker breach': SBI denies jewellery theft allegation by Bengaluru woman) In 2024, the Bruhat Bengaluru Mahanagara Palike (BBMP) had issued a notice to One8 Commune citing violations of fire safety regulations. Located on the sixth floor of Ratnams Complex on Kasturba Road near MG Road, the establishment had come under scrutiny for operating without implementing mandated fire safety measures or obtaining a fire department clearance certificate. The notice followed a complaint lodged by a social activist, prompting the Shantinagar BBMP officials to act. Despite an earlier notice, the pub failed to respond. The BBMP had warned of legal action if a reply is not submitted within seven days. Earlier, the establishment has faced regulatory issues. An FIR was filed at the Cubbon Park Police Station after the pub was found operating beyond permitted hours during police night patrols. (Also Read: 'Rs2.7 lakh for 3 BHK?': Bengaluru resident calls out sky-high rent, internet reacts)
Business Recorder
22-05-2025
- Automotive
- Business Recorder
Honda Atlas Cars' posts Rs2.7bn profit in 2025
Honda Atlas Cars (Pakistan) Limited (HCAR) registered a profit of Rs2.7 billion for the year ended March 31, 2025, a significant increase of 16% on a year-on-year basis. HCAR's financial statements, which were made available at the Pakistan Stock Exchange (PSX) on Thursday, showed that the company's profit stood at Rs2.3 billion in the same period last year. The automaker's earnings per share (EPS) stood at Rs18.97 during the year, compared to Rs16.34 last year. A final cash dividend for the year ended March 31, 2025 at Rs8 per share i.e. 80%. The increase in profit can be attributed to an increase in sales. During the year, HCAR's sales clocked in at Rs78.06 billion, compared to Rs55.07 billion in SPLY, an increase of 42%. Honda Atlas Cars' profit-after-tax up 295% YoY in Oct-Dec While the company's cost of sales also rose to Rs71.4 billion in 2025, an increase of 41%. Consequently, the company's gross profit increased by nearly 48%, clocking in at Rs6.7 billion in 2025, as compared to a gross profit of Rs4.5 billion in SPLY. As a result, HCAR's gross margins improved to 8.5% in 2025, compared to 8.2% in the last fiscal. Meanwhile, as per HCAR's latest financial results, the automobile company witnessed a jump in its administrative expenses, which stood at Rs1.9 billion in 2025, up by 28%, as compared to Rs1.5 billion in SPLY. On the other hand, HCAR's other income registered a decline of over 56%, amounting to a meagre Rs988 million in 2025, in comparison to Rs2.25 billion in 2024. The automaker saw its finance cost lowered by 15%, standing at Rs1.04 billion in 2025, as compared to Rs1.2 billion in SPLY. The company posted a Profit before Taxation (PBT) of Rs3.27 billion in 2025, up by 19% YoY. Incorporated in Pakistan as a public limited company in 1992, HCAR commenced its commercial operations in 1994. The company was formed as a result of a joint venture between Honda Motor Co., Ltd., Japan and Atlas Group of Companies, Pakistan.
Express Tribune
08-05-2025
- Business
- Express Tribune
Pakistan meets key IMF conditions
Listen to article The International Monetary Fund's $7 billion bailout package largely remained on track during the first nine months of this fiscal year, as the federal and provincial governments met three out of five major fiscal conditions, with the Federal Board of Revenue (FBR) remaining the only weak link. The FBR missed its two key conditions of collecting Rs9.17 trillion total revenues and Rs36.7 billion from retailers under the Tajir Dost scheme during July-March period of this fiscal year, showed the fiscal operations summary released by the Ministry of Finance on Wednesday. The IMF has set multiple fiscal conditions, whose successful completion has so far helped smooth continuation of the programme despite initial setbacks. In spite of achieving critical revenue targets, the federal government's net revenues were still Rs394 billion less than its needs for just two heads; interest payments and defence spending, according to the Finance Ministry. The fiscal operations' summary showed that Pakistan met the IMF targets for a primary budget surplus by the federal government, as well as net revenue collection and cash surplus targets by the four provinces. Against a primary surplus target of Rs2.7 trillion, the federal government reported a surplus of Rs3.5 trillion, or 2.8% of gross domestic product (GDP). This higher surplus was primarily due to fully booking the annual central bank profit in the first quarter, with the entire estimated profit of Rs2.5 trillion already accounted for. The four provinces collectively generated a cash surplus of Rs1.028 trillion, exceeding the IMF target by 25 billion. The federating units also generated Rs685 billion in tax revenues, surpassing the IMF target by Rs79 billion. The Finance Ministry said that the provincial tax collection "strong performance was primarily driven by the governments of Sindh, Khyber Pakhtunkhwa (K-P), and Balochistan". It did not mention Punjab government in the statement. The ministry further stated that non-tax revenues of the provinces reached to Rs203 billion, surpassing the target of Rs160 billion by Rs43 billion. This achievement reflects the collective efforts of all provincial governments in enhancing non-tax revenue streams, it added. The federal government's tax revenue performance was below the mark. The FBR failed to collect any significant revenue under the Tajir Dost Scheme against the target of Rs36.7 billion for nine months. The traders' income tax contribution through withholding taxes too remained negligible compared to salaried class's Rs391 billion payments in nine months. Moreover, against a nine-month revenue target of over Rs9.2 trillion, the FBR pooled Rs8.5 trillion, falling short of the goal by Rs715 billion. Thanks to the central bank and millions of people paying petroleum levy, the non-tax revenues amounted to over Rs4 trillion, exceeding the target by Rs71 billion. In just nine months, the petroleum levy collection amounted to Rs834 billion compared to Rs720 billion in the last fiscal year. Provincial governments enjoy significant fiscal flexibility due to increased revenues under the National Finance Commission (NFC) award. During the July-March period, the four provincial governments spent approximately Rs5.3 trillion, with development spending reaching Rs1.2 trillion. Their total revenues stood at Rs6.1 trillion, of which Rs5.1 trillion came from their shares in the federal taxes. A breakdown of provincial performance shows that Punjab, with total revenue of Rs2.9 trillion, spent Rs2.4 trillion, generating a surplus of Rs441 billion. However, the province recorded a statistical discrepancy of Rs117 billion, mainly due to below-the-line expenditures to retire wheat debt. Sindh booked a cash surplus of Rs395 billion after spending Rs1.5 trillion well below its total revenues. The province also reported a Rs10 billion statistical discrepancy. Khyber-Pakhtunkhwa (K-P) recorded a budget surplus of Rs111 billion, with Rs1.03 trillion in income and Rs920 billion in expenditures. K-P also had a statistical discrepancy of Rs13 billion. Balochistan generated a surplus of Rs105 billion, meaning the province has more revenue than its needs. The federal government last month increased the petroleum levy rate by Rs8 per litre in the name of funding Balochistan roads. The Finance Ministry said that provincial development overspending was primarily observed in Punjab and Balochistan, while Sindh and K-P remained within their development expenditure targets. Pakistan has agreed to approximately 40 conditions under the $7 billion IMF deal. As part of the programme, the four provincial governments must generate a total cash surplus of Rs1.217 trillion in the current fiscal year. On the expenditure side, the federal government spent a total of Rs11.5 trillion during the first nine months, with current expenditures reaching Rs10.7 trillion. This represented an Rs1.9 trillion or 19% increase in total expenditures compared to the same period last year, primarily due to rising interest payments. The federal government paid Rs6.4 trillion in interest costs, an increase of Rs921 billion from the previous year. Defence spending amounted to Rs1.42 trillion, higher by 16.5%. After distributing the provincial share, the federal government's net income stood at Rs7.5 trillion, which was Rs394 billion less than the combined spending on interest and defence. The Finance Ministry said that its primary current expenditures remained well within the targeted ceilings, with actual spending recorded at Rs4.3 trillion against a target of Rs5.2 trillion. The primary reason for this was lower releases of subsidies, which stood at only 49% of the allocated target. The ministry admitted that the development expenditure of Rs309 billion also remained under the spending target of Rs658 billion.
Business Recorder
29-04-2025
- Business
- Business Recorder
US arbitrator orders Zia Chishti to pay $9.1mn to TRG International
In a big blow to former TRG Pakistan CEO Zia Chishti, a US arbitrator has ordered him to pay $9.1 million (Rs2.5 billion) to TRG International, Business Recorder learnt on Tuesday. The arbitration was regarding the legality of share pledges of TRG Pakistan that were central to Zia Chishti's borrowing Rs2.5 billion from JS Bank to buy additional shares of TRG Pakistan. TRG had alleged that it was part of a plan by him and the JS Group to illegally take over TRG Pakistan as a first step towards taking control of TRG's international assets. TRG Pakistan shared the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday. 'The company has been informed by its affiliate The Resource Group International Limited ('TRGIL') that a final award has been issued by a US arbitrator in respect of the arbitration initiated by TRGIL against Mr Chishti challenging the pledging by Mr Chishti of company shares owned by him. 'On January 27, 2025, the arbitrator had issued a partial final award which ruled, inter alia, that shares pledged by Mr Chishti, primarily to JS Bank as security for a loan, were in breach of contractual obligations of Mr Chishti. 'On April 22, 2025, the arbitrator issued a final award that, in addition to the remedies contained in the partial final award dated January 27, 2025, ordered Mr Chishti to pay TRGIL a sum of US$ 9.1 million,' the notice read. Zia Chishti 'resigns as CEO, director at TRG Pakistan' TRG contended that Chishti was not allowed to pledge the shares given his contractual undertakings, and had asked the arbitrator to order him to remove the pledge. In January 2025, the US arbitrator ruled in favour of TRG, and declared that Chishti had breached his contractual obligations by making the pledge. The court then ordered him to remove the pledge. In April 2025, the arbitrator has ordered Chishti to pay $9.1 million (or PKR 2.5 billion) to TRG. As questions are raised about the ability of former TRG Pakistan CEO to pay such a significant amount to TRG, the fate of Rs2.5 billion loan from JS Bank to Chishti remains unclear. In recent filings with the Sindh High Court, JS Bank has declared the loan to be in default. TRG has had stay orders in place from the Sindh High Court since 2023 preventing the exercise of security on the loan. Zia Chishti, The Telegraph settle libel suit over reporting of ex-employee's 'grooming' allegations It is unclear whether the loan continues to be carried on JS Bank's books given the default and the stay orders on collateral. During the most recent quarter ended March 31, 2025, JS Bank reported profit before tax of Rs2.7 billion, which could get wiped out with a write-off of this loan Market analysts have questioned the nature of the loan made in 2022, as it represented a huge exposure for JS Bank for a loan made to a single person. The loan was renewed in November 2024 despite the stay orders on the share pledge security were in place, only to be in default two months later. In the bourse notice on Tuesday, TRG Pakistan also shared that it had received copies of certified orders regarding the adjudication of Writ Petitions 3383 and 3395 of 2025 filed in the Lahore High Court and 693 of 2025 filed in the Islamabad High Court by Zia Chishti. SHC restrains Zia Chishti, wife from transferring shares of TRG Pakistan: notice In both writ petitions, Chishti had sought to suspend ad-interim orders of the Civil Judge in Lahore and Islamabad dated December 2, 2024, December 10, 2024, and February 11, 2025, respectively, that restrained the company in respect of its board elections. 'On April 8, 2025 the Honorable Islamabad High Court judge was pleased to dismiss Writ Petition 693 of 2025 and on April 11, 2025, the Honorable Lahore High Court judge was pleased to dismiss Writ Petitions 3383 and 3395 of 2025,' the notice read.
