IHC allows MARI to recover tax by disposing withheld bonus shares

May 23, 2025 (MLN): The Islamabad High Court (IHC) has ordered that Mari Energies Limited (PSX: MARI) is entitled to recover the full amount of tax from shareholders by disposing of their withheld bonus shares, to the extent necessary for recovering the outstanding tax.

Accordingly, the IHC has directed the Central Depository Company of Pakistan (CDC) to remove the lien on 10% bonus shares for filers and 20% bonus shares for non-filers.

These shares were previously placed under a lien in accordance with earlier IHC orders, the company's filing on PSX revealed today.

These shares, in addition to those already withheld by the company, are to be transferred to the company’s account for the purpose of recovering the tax through the disposal of the shares.

Pursuant to the IHC's orders, the company has requested the CDC and the Share Registrar to remove the lien on the withheld bonus shares of shareholders who have already paid the tax due under Section 236Z of the Ordinance.

Additionally, the company has requested that the lien be removed from the withheld bonus shares of shareholders who have not paid the tax, in accordance with the IHC’s decision.

These shares should be transferred to the company’s account to enable the recovery of the pending tax liabilities.

Once the company has received the withheld bonus shares and disposed of them to recover the outstanding tax liabilities from the relevant shareholders, any remaining bonus shares, if applicable, shall be released to the concerned shareholders.

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