Panels propose capping yarn exports to 550mn kg

ISLAMABAD: The Standing Committees on Textile Industry of Senate and National Assembly on Thursday jointly recommended capping of yarn exports to 550 million kilogram for the current fiscal year. 
 
The Senate committee met in the Parliament House and was co-chaired by head of the National Assembly Committee on Textile Akram Ansari.

SECP seizes funds of spinning mill

Thursday, January 07, 2010
By our correspondent

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday seized the funds of Ahmed Spinning Mills Ltd (ASML) on depriving its shareholders of their rightful share of Rs213.425 million and authorised an investigation into the matter.

The decision came after the reports that the directors of ASML has sold its investment at a throwaway price to an off-shore shell company and subsequently these investments were sold in a public offer at a price of Rs333 per share, thus depriving shareholders of their rightful share of Rs213.425 million.

Customs duty on yarn import removed

ISLAMABAD: The Cabinet Committee on Textile has removed customs duty on import of cotton yarn falling under Chapter 52 of the Harmonised Tariff Schedule with immediate effect, and decided to take corrective measures if yarn export exceeds 50 million kg per month.

The second meeting of the committee, which was presided over by Federal Minister for Textile Industry Rana Mohammad Farooq Saeed Khan here on Wednesday, observed that due to cotton failure at the international markets yarn prices had increased globally. ‘However, if the mid-stream textile sector finds feasible it can import yarn even from India.’