Latest news with #Rs54
Time of India
05-05-2025
- Business
- Time of India
Decades of Dues: 29,164 owners haven't paid their property taxes for 25 years
Nagpur: In a startling revelation, records from the Nagpur Municipal Corporation (NMC) show that over 29,000 properties across the city have not paid a single rupee in property tax for periods ranging from five years to more than two decades, resulting in unpaid dues crossing Rs288 crore. The biggest chunk of tax defaulters falls in the 10 to 24 years category. A staggering 27,608 property owners did not pay taxes during this period, racking up dues of Rs230.13 crore. The highest number of such defaulters was found in Ashi Nagar zone, with 6,798 properties owing over Rs54 crore. Mangalwari zone and Laxmi Nagar zone closely follow with 4,254 and 3,537 property owners defaulting, respectively, revealed data of defaulters procured from the NMC's property tax department. Even more shocking is the list of 98 property owners who haven't paid taxes in over 25 years. Their cumulative dues stand at Rs3.12 crore. While this category has a smaller number of defaulters, the longevity of non-payment underscores deep-rooted systemic negligence. Laxmi Nagar, Dharampeth, and Nehru Nagar zones top this list. Meanwhile, another 1,458 property owners across all 10 zones skipped tax payments for 5 to 9 years, adding up to Rs54.37 crore in losses to the civic body. Gandhibagh zone, Lakadganj zone, and Mangalwari zone are among the top offenders in this category Devotees at temples run by some of these defaulters voiced mixed reactions. "We come here for peace, but learning that these trusts haven't paid taxes in decades is disappointing," said Anjali Deshmukh, a regular visitor to a temple in the city. Another worshipper from Nehru Nagar added, "If temples are earning through rentals or events, they must contribute to the city like everyone else." NMC officials are preparing to initiate recovery drives if payments are not made soon. Properties That Never Paid Property Tax (Zone-Wise) Zone — A — B — C Laxmi Nagar — 123/19850125 — 3537/377023524 — 20/2539388 Dharampeth — 168/33581805 — 1287/194352018 — 9/19439202 Hanuman Nagar — 45/8727700 — 2889/272065240 — 14/1678133 Dhantoli — 75/11965576 — 429/32038107 — 2/87215 Nehru Nagar — 46/7233309 — 2661/178230717 — 11/2243449 Gandhibagh — 272/43982080 — 832/55945541 — 3/89664 Satranjipura — 122/27658765 — 808/46328460 Lakadganj — 219/30444529 — 4113/226256296 — 16/2307795 Ashi Nagar — 139/20099180 — 6798/544362595 — 12/1622595 Mangalwari — 249/30196662 — 4254/374782359 — 11/1204381 Total — 1458/Rs54.37Cr — 27,608/Rs230.13Cr — 98/Rs3.12Cr xxxxxxxxxxxx
Business Recorder
05-05-2025
- Business
- Business Recorder
Hascol Petroleum appoints Javed Ahmedjee as CEO
Hascol Petroleum Limited has appointed Javed Ahmedjee as its Chief Executive Officer (CEO), effective 05 May 2025. The listed company announced the development in its notice to the Pakistan Stock Exchange (PSX) on Monday. The OMC shared that Ahmedjee is a senior executive and entrepreneur 'with over 30 years of experience driving business transformation across energy, banking, pharmaceuticals, healthcare, education, and capital markets'. 'His leadership spans Pakistan, Africa, and Europe, with key roles in Fortune 500 companies and regional firms,' the company stated. According to the notice, Ahmedjee has played a pivotal role in Pakistan's largest pharmaceutical merger and executed complex M&A across emerging markets. 'Notably, he led the turnaround of Puma Energy, transforming it into a commercially viable, future-ready enterprise.' Moreover, Ahmedjee also serves as an advisor to institutions like Citibank, GSK, Puma Energy, Shajar Capital, and Karachi Port Trust. 'This appointment marks an important step for the company. We are pleased to welcome him to the Board and value the experience he brings,' HASCOL stated. 'With the continued support of our shareholders, the Board remains committed to ensuring sound governance and effective leadership.' The appointment comes against the backdrop of ongoing challenges for HASCOL. In 2022, the Federal Investigation Agency (FIA) arrested Mumtaz Hasan, founder of Hascol Petroleum Limited, as part of its investigation into an alleged Rs54-billion scam. 'The FIA Commercial Banking Circle has registered a case against 30 suspects – including former and current officers of the National Bank of Pakistan and Hascol – and one suspect has been arrested after pieces of evidence came to light in an inquiry into bank default, financial fraud and money laundering of more than Rs54 billion by the Hascol Petroleum Company,' read a FIA statement back then. Following this, HASCOL's board initiated a plan to restructure the company's Rs54-billion debt.
Time of India
28-04-2025
- Business
- Time of India
Chandu Budhera plant to expand with 6th filter unit
Gurgaon: GMDA has invited bids to build a sixth 100 MLD filtration unit at Chandu Budhera plant , which already operates three units with a total capacity of 300 MLD. A fourth unit is ready for commissioning next month, and a fifth is slated for completion by late this year. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon The project, estimated to cost Rs54 crore, will include the setting up of an automated water treatment plant, a clear water reservoir, installation of raw and clear water pumping machinery, mechanical dewatering of sludge, and integration with SCADA (Supervisory Control and Data Acquisition) systems. It got administrative approval by the govt in July last year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Southampton: Born Between 1940-1975 You May Be Eligible For This Life Cover Reassured Get Quote Undo "The expansion is necessary to meet the needs of the new sectors. The city is growing fast, and we are working toward improving the infrastructure. We have invited a tender for the construction of the sixth unit at Chandu Budhera WTP. Once all units are commissioned, the WTP will have a total capacity of 600 MLD," a GMDA official said. Currently, the Basai WTP has a treatment capacity of 270 MLD, and along with the Chandu Budhera plant, the city has access to a total treated water capacity of 570 MLD. However, this will soon fall short of demand as the city's population continues to grow. According to GMDA's estimates, Gurgaon's water requirement is projected to reach 970 MLD by 2026, driven by a projected population of 46.33 lakh. The proposed sixth unit would be developed on a 15-acre parcel within the Chandu Budhera plant premises. The work is expected to be completed within 24 months after allotment. Together with the new unit, GMDA aims to boost Gurgaon's treated water capacity to support the emerging sectors, particularly sectors 81 to 115 along the Dwarka Expressway and surrounding areas. "The electrical work is currently underway, and we are trying to do trial trial of the fourth unit within the next 15 days," the official said.
Time of India
27-04-2025
- Business
- Time of India
Nashik Municipal Corporation gets 81cr grant from state through 1% local body cess
Nashik: The Nashik Municipal Corporation (NMC) received a grant of Rs81 crore from state govt through the 1% local body cess (LBC). The civic administration said that property buyers within the municipal corporation limits are required to pay a total of 6% as stamp duty — comprising 5% as the standard stamp duty and 1% as the local body cess. State govt collects this 1% local body cess and subsequently transfers it to the respective municipal corporations. During the financial year 2024-25, the state's stamp duty department collected Rs138 crore through the 1% LBC. However, the NMC received only Rs81 crore during the same period. The NMC is yet to receive Rs56 crore from state govt. In 2023-24, the civic body received only Rs54 crore of the total Rs128 crore grant under the 1% local body cess. "For 2023-24, grant of Rs74 crore is still pending with the state. A total grant of Rs275 crore since April 2020 is still pending with state govt under the 1% LBC," an NMC official said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo "We are planning to send a letter to state govt, requesting to release of the pending grant under the 1% local body cess. The letter will be sent after approval from NMC commissioner Manisha Khatri," the official added. The upcoming Simhastha Kumbh Mela is being held in 2027, and the NMC needs funds to share its 25% contribution of the total spending. During the Kumbh Mela held in 2015, the NMC contributed 25% of the Rs1,050 crore in Kumbh Mela development plans approved by state govt. Looking ahead to the next Kumbh Mela, the NMC official said, "We anticipate needing at least Rs1,500 crore as our contribution. Therefore, we are requesting state govt to release the pending grant in preparation for the upcoming Kumbh Mela."
Business Recorder
23-04-2025
- Business
- Business Recorder
ICMA calls for fast-track industrial solarisation to address power crisis
The Institute of Cost and Management Accountants (ICMA) Pakistan has urged the government and industry stakeholders to fast-track the adoption of solar energy in the country's industrial sector, calling it a vital step toward resolving Pakistan's growing energy crisis and restoring export competitiveness. In its policy note released on Wednesday, the ICMA presented a comprehensive policy roadmap advocating accelerated industrial solarisation. The note titled 'Should Pakistan Expand the Use of Solar Energy in Industries to Reduce Electricity Costs?' highlighted that electricity tariffs for industrial consumers have more than doubled over the past four years, with a 38 percent surge recorded in FY2023 alone. With power costs now exceeding Rs54 per unit for industries, Pakistan's manufacturing sector—particularly critical sectors such as textiles, cement, steel, and fertilizers—is under immense pressure, struggling to remain viable against global competition. In stark contrast, solar energy offers a significantly cheaper alternative at only Rs18 to Rs20 per unit. ICMA's policy framework outlined 30 actionable recommendations aimed at removing barriers to solar adoption and promoting a competitive energy environment. Chief among these is the removal of import duties and taxes on solar panels, inverters, batteries, and other components, which currently contribute to the high upfront costs of solar installations. The institute also recommends introducing green financing options through banks and development finance institutions at concessional rates and calls for prioritising industrial solar projects under the State Bank's refinancing scheme with streamlined procedures. The policy note underscores the need to upgrade the national grid and feeder-level infrastructure to facilitate efficient solar integration, while urging the government to standardise net metering policies across all power distribution companies (DISCOs) for transparent and consistent implementation proposes the development of a national hybrid energy policy, enabling industries to draw energy from a mix of grid supply, solar, and third-party sources to ensure reliability and cost optimization. From crisis to clean energy: Pakistan emerges as top solar market in 2024 To incentivize industrial investment in solar systems, ICMA calls for fiscal measures such as tax credits, rebates, and accelerated depreciation. It also emphasises the importance of establishing solar-ready clusters within Special Economic Zones, allowing industries to benefit from shared infrastructure and secure, lower-cost energy. The report also advocates for increased local manufacturing of solar equipment, which could reduce dependency on imports and spur domestic job creation. The institute encourages the promotion of energy service companies (ESCOs) that can offer solar systems on leasing or performance-based models, easing financial pressure on industrial users. The Policy Note also introduces forward-looking proposals such as the creation of a legal framework for carbon trading and third-party energy sales, enabling businesses to capitalise on surplus power generation and carbon credits. The country's leading accounting body further recommended the establishment of a centralised solar promotion cell under the Alternative Energy Development Board to coordinate implementation efforts, address regulatory bottlenecks, and ensure policy coherence. Pakistan's sugar maker to install 200KW solar power plant It also proposed simplification of licensing procedures, promotion of energy audits to assess solar viability, and the integration of solar initiatives into corporate ESG and CSR strategies. To support long-term industry needs, ICMA calls for partnerships with universities and technical institutions to build a skilled workforce for the solar energy sector. 'Investor confidence can be bolstered through the launch of solar insurance products and the creation of an Industrial Solarisation Fund. Additionally, green bonds issued through the capital markets could open new avenues for financing large-scale projects,' it noted. To encourage greater solar adoption, ICMA urged revision of industrial electricity tariffs to include time-of-use incentives, alongside the promotion of energy storage solutions to ensure round-the-clock power availability. The institute suggested making rooftop solar installations mandatory for new industrial constructions and updating building codes accordingly. 'Unused rooftop space across existing industrial infrastructure should be optimised for solar power generation, while peer-to-peer energy trading platforms based on blockchain technology could allow secure and efficient energy transactions between industrial users,' it stated. 'Subsidised financing for battery storage systems is also recommended to further enhance solar project feasibility.' Shift to renewables: Olympia Mills to install 500KW solar power plant Recognising the importance of awareness and behavioural change, the policy noted called for a nationwide campaign to educate industrial stakeholders on the economic and environmental benefits of solar energy. Lastly, the report urges the government to define clear sector-wise solar adoption targets aligned with the national renewable energy agenda, ensuring structured and measurable progress. 'These strategic measures, if implemented effectively, can significantly lower the cost of doing business, boost industrial productivity, reduce carbon emissions, and position Pakistan as a more competitive player in the global export market,' it added.
