Islamabad, Oct 2: Mari Petroleum Secures Court Approval to Retain More Bonus Shares for Tax Recovery. The Islamabad High Court (IHC) has given Mari Petroleum Company Ltd (PSX: MARI) the legal support it needs to recoup all withholding tax from the 800 percent bonus shares it recently issued.
The corporation discovered that selling the withheld bonus shares would not completely cover the required amount from non-compliant shareholders who have not paid their taxes, as a result of fluctuations in market prices following the book closure on September 19, 2024.
In order to address this, the Central Depository Company (CDC) has been instructed by the IHC to impose a lien on an extra 10% of bonus shares for filers and 20% for non-filers. According to Mari Petroleum, this is the best approach to guarantee complete recovery of the withholding tax under Income Tax Ordinance, 2001 Section 236Z.
The remaining shares will be returned to the shareholders after the tax has been fully recovered, either by shareholder payment or through the sale of the withheld shares. MPCL had previously notified shareholders that the bonus shares will be sold outright in order to pay taxes. The business has now reaffirmed that, in order to prevent issues, shareholders must deposit their overdue taxes by October 15, 2024.
