Rs1.18bn SITE budget approved

March 3, 2014 Off By Web Desk

Karachi: Board of Directors of Sindh Industrial and Trading Estate (SITE) Ltd has approved the annual budget of SITE Ltd.

In this regard a meeting of the Board of Directors of SITE Ltd was held in SITE Ltd with Secretary Industries Shazia Rizvi in chair. MD SITE Ltd Nazar Muhammad Bozdar, Chairman SITE Association Younis Bashir and other members of Board were also present.

In the meeting the deficit Budget of 6.1 million rupees was presented for approval. Total estimate of expenditure is Rs. 1 billion and 18.8 million and expected income of SITE is estimated at Rs1 million 18.1 million.

The budget was presented by the Director Finance Arbab Ali Khan. MD SITE Ltd Nazar Muhammad Bozdar briefed the board members about the whole budget estimates.

The Board of Director has been approved several measures. The water billing of industrial estates of SITE Sukkur, Kotri, and Hyderabad has been increased. SITE Ltd will charge 85 rupees/1000 gallon from Kotri, 75 rupees/1000 gallon from SITE Hyderabad and 75 rupees/1000 gallon from SITE Sukkur and these tariffs will be charged after 15th March. The consumers who have yet to install water meter will have to pay 25% average bill to SITE Ltd.

Furthermore charges of approval of drawing and fees of penaltiable structure have been also increased. Charges of Kacha Land of parking shades in industrial area will also increased b y 2 rupees per square foot.

The Board directed immediate measures to get back possession of SITE’s rest house near National Stadium Karachi and recover dues of Rs8 million as soon as possible.

Meanwhile, Annual General Body Meeting of SITE Ltd will held on 18th March during which the election of Board of Directors of SITE will be held and 3 years audit of SITE Ltd would also approved.