Gulistan Spinning Mills requests exchange to waive off all penalties and charges

MG News | January 28, 2020 at 01:29 PM GMT+05:00

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January 28, 2020 (MLN): Gulistan Spinning Mills Limited has requested the PSX to waive off all penalties and charges, keeping in mind of a previous track record of the Company.

As per the company’s notification to exchange, the Company is in a serious financial crunch and not in a position to pay salaries/wages/ creditors.

Further notification revealed that the Company was performing well and distributing dividend/bonus regularly. However, due to litigation with Financial Institutions, all the working capital lines were blocked by banks, therefore, the operations of the Company gradually stopped and the Company incurred heavy losses and all the payments are stopped.

Due to withdrawn of working capital lines by the banks, raw materials were not available to run the operations.

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