MARI completes tax recovery on 800% bonus shares following court order

July 01, 2025 (MLN): Mari Energies Limited has successfully concluded the tax recovery process linked to its issuance of 800% bonus shares, acting in compliance with the directives of the Honourable Islamabad High Court under the Income Tax Ordinance, 2001.

As part of the mechanism put in place to ensure recovery of tax on the bonus shares, the company initially retained 10% of the bonus shares allocated to shareholders classified as tax filers and 20% for non-filers.

These retained shares were subsequently disposed of, with the proceeds deposited with the Federal Board of Revenue (FBR) to settle the respective tax obligations of shareholders.

In situations where the initially retained shares proved insufficient to fully meet the tax liabilities, the Court authorized Mari Energies to retain additional shares under lien again applying a 10% rate for filers and 20% for non-filers and recently permitted the company to dispose of these lien-marked shares to the extent required to cover the outstanding tax amounts.

Accordingly, Mari Energies has now disposed of these lien-marked bonus shares belonging to shareholders who had not fulfilled their tax payment requirements.

The company applied a uniform weighted average sale price across all such transactions to maintain parity. This supplementary disposal represented approximately 0.38% of the total bonus issue for filers and around 0.76% for non-filers.

Proceeds from these transactions, which constitute the recovered tax, are being deposited with the FBR. Following the completion of this process, the remaining bonus shares have been duly credited to the respective shareholders’ accounts maintained with the Central Depository Company (CDC).

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