MTL clarifies court proceedings for tractor price issue

Posted by: Aamir Hayat Like: 0 Post Date: April 4, 2024

MTL clarifies court proceedings for tractor price issue

In a notification sent to PSX on 04/04/2024, Millat Tractors Limited (MTL) has announced that it responded to the Sindh High Court for clarification on the bar from selling 954 Tractors.

A decision of the Sindh High Court issued on Tuesday, April 02, 2024, has been reported in the national
press titled MTL Barred from selling 954 tractors. As required under the Rule Book of Pakistan Stock
Exchange Limited (PSX), and Securities Act, 2015, Millat Tractors Limited (the “Company”) hereby
conveys the following information:-

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Millat Tractors Limited fully abides by all applicable laws of the country in its dealings. The above
referred order has been issued against the earlier order of Sindh High Court (issued in suit no.652 of
2023 dated 28-02-2024 in which applications of the plaintiff were dismissed vide a short order made
in court upon culmination of the hearing on 28-02-2024. As per order of the court the Company had
already deposited an amount of Rs.1,194,026,400/- with the Nazir of court being the price of 954
tractors (not delivered due to non-payment of price difference of Rs.148,400 per tractor by the
plaintiff ) paid by the plaintiff. Details of the order reported in the national press are not available with
the Company. The Company will exhaust all legal remedies available in the matter.

The shares of MTL were last trading at Rs. 587.56 today.

⚠️ This post reflects the author’s personal opinion and is for informational purposes only. It does not constitute financial advice. Investing involves risk and should be done independently. Read full disclaimer →

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