Kohinoor Spinning Mills denies FBR shutdown reports, calls them fake

Kohinoor Spinning Mills Limited has rejected social media posts claiming that the Federal Board of Revenue closed its operations, according to a statement carried by Mettis Global. The textile firm described the posts as untrue, baseless and misleading, and told the Pakistan Stock Exchange that no closure has occurred. The posts had linked the alleged shutdown to problems the company supposedly faced while integrating with the FBR's invoice system.

In its filing with the PSX, the firm stated that it has already put the FBR's Invoice Integration System in place and is currently restricted to yarn trading. It warned that false material of this kind could mislead investors and harm its reputation. Kohinoor also reserved the right to lodge a complaint with the National Cyber Crime Investigation Agency and pursue legal steps under the Prevention of Electronic Crimes Act, 2016, against anyone creating or circulating the reports.

Investors and shareholders are urged to avoid acting on unverified reports. Anyone seeking clarity should check news about the company with its Company Secretary before sharing or relying on it. The filing relied on powers under the Securities Act, 2015 and the PSX Rule Book, citing Section 96 and Clause 5.6.1.