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Site update: April 09 2024, at 16:45 PKST
Stock update: April 09 2024.

Recent Financial News about MTL (Millat Tractors Limited)

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Wednesday, April 03 2024

MTL barred from selling tractors to third party
The Ministry of Industries and Production has directed Millat Tractors Ltd (MTL) to sell 954 tractors to farmers as per the contract and not supply these vehicles to any third party. The ministry has written to MTL after the Sindh High Court’s order regarding its contractual obligation to sell these tractors to the original buyer. The SHC has issued an order relating to the supply of tractors to farmers at the agreed price of Rs1.25 million per unit including 5 per cent sales tax. However, the MTL raised the price by Rs148,400 and stopped supplying to the buyers who had made the bookings. The court order noted that despite full payment by 1,001 buyers, only 47 tractors were delivered. As a result, the aggrieved farmers approached the court.
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Related symbols: mtl (news stock)

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