July 19, 2022 (MLN): Nazir Cotton Mills Limited has filed an application for contempt of court against Wapda, as it is still not obeying the order of the Honorable Lahore High Court Lahore regarding the restoration electricity connection which makes the company unable to restart its commercial production of Spun Yarn.
In its progress report issued to the bourse, the company informed that the Honorable High Court in its order has given directions to the session court to take steps to restore the connection of the Electricity of the Company.
Subsequently, the session court has given the order to the district court to resolve this matter.
The company has filed an application in the district court Sheikhupura in the light of directions given by the Lahore High Court.
The management is trying its best to secure an electricity connection as early as possible. But LESCO is using the Delay Techniques. The next date of hearing is September 17, 2022, the company said.
It is expected that the Re-Connection of Electricity will be made in near future. Then the company will be able to Re-Start its commercial production of Spun Yarn. Further progress will be provided in next quarter's progress report, the report underlined.
To note, presently, the stock of the company stood at Rs4.86, down by 6.54% or Rs0.34 from yesterday’s price.
