ISLAMABAD: The Tandlianwala Sugar Mills Limited (TSML) has rejected the Trading Corporation of Pakistan's (TCP's) recent notice issued to the said public-listed company.
A clarification issued by the company here on Saturday stated that issuing a notice "blacklisting" the TSML reeks of malice, when the matter between the TCP and the TSML is sub judice and pending before the Sindh High Court (since 2011).
"Furthermore, the notice presented a one-sided picture and does not disclose the full history of the matter. The sugar that the TCP is alleging TSML "defaulted" on, was forcibly lifted by the Khyber-Pakhtunkhwa government in 2009 in the mid of a sugar crisis with the knowledge of the TCP and under the supervision of their muqaddam. It is thus, mala fide for them to claim this is a default.
"In spite of the forcible lifting of the TCP sugar by the Khyber Pakhtunkhwa government, the TSML paid an agreed amount of over Rs500 million to the TCP in this matter, which the notice conveniently does not mention. Even after this payment, the TCP went to court against the TSML. "The submission of evidence to the SHC is now finally complete, despite repeated and deliberate attempts by the TCP to delay the submission of evidence for several years. Now the case is at the final hearing stage, and even at this stage, the TCP has sought several adjournments. "All these facts were properly responded to after the show cause notice (dated September 16, 2019). In addition to that, the Ministry of Commerce has also withheld export rebates of around Rs540 million for the last three years and a freight rebate of around Rs170 million for the last five years."
Copyright Business Recorder, 2021
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