On July 19, 2022, Nazir Cotton Mills Limited had to suspend spinning production because WAPDA failed to obey the Lahore High Court Lahore court order which mandates that Nazir’s electricity connection be reinstated.
As a result of this lack of power, Nazir cannot resume spinning production at full capacity and all employees affected by this suspension have not been able to pay for their work up until this point in time.
The company stated in its progress report submitted to the bourse that the session court had been directed by the Honorable High Court in its order to take action to restore the Company’s Power supply by LESCO.
The session court has now instructed the district court to decide this dispute.
In response to the Lahore High Court’s directives, the business has filed a petition with the district court in Sheikhupura. The administration is working as hard as it can to get a power connection. However, LESCO utilizes delay techniques.
According to the firm, the following hearing date is September 17, 2022. The reconnection of electricity is anticipated to take place soon. The business will then be able to restart spinning yarn for sale.
It is noted in the report noted that additional progress would be presented in the progress report for the following quarter.
To be aware, the company’s stock was currently trading at Rs4.86, down 6.54 percent or Rs0.34 from yesterday’s pricing.