Karachi December 19 2022: Indus Motor Company Limited completely shut its operation for the period from 20th December to 30th December, according to company filing to the exchange.
Company states, “State Bank of Pakistan has introduced a mechanism, vie EPD Circular No. 09 of 2022 dated May 20, 2022, for obtaining prior approval for import of CKD Kits and components of Passenger cars (HS Code 8703
category) for the auto sector. The delay in aforesaid approvals for the company and its vendors, has created hurdles in import and clearance of consignments for raw materials and components of the company. This has resulted in insufficient inventory levels and consequently have created an adverse impact on the supply chain and production activities. Therefore, the Company is unable to continue its production activities.”
In the light of above, the Company has decided to completely shut down its production plant from December 20, 2022 to December 30, 2022 (both days inclusive).
