Latest news with #PACS
United News of India
2 days ago
- Business
- United News of India
Cooperation is the soul of India's way of life: Amit Shah
Mumbai, June 20 (UNI) Cooperation is the soul of India's way of life, said Union Minister for Cooperation Amit Shah in Mumbai on Friday. He was speaking at the 'Sahakar Se Samriddhi' National Symposium organized at Hotel Fairmont today. Chief Minister Devendra Fadnavis, Deputy Chief Minister Eknath Shinde, Cooperation Minister Babasaheb Patil, Agriculture Minister Adv. Manikrao Kokate and several others were present. Shah said that UN has declared 2025 as the 'International Year of Cooperatives'. Prime Minister Narendra Modi took a historic step by establishing a separate Ministry of Cooperatives in the country. Now the aim is to establish two lakh new Primary Agricultural Credit Societies (PACS) in the country, he said. He further said that information about cooperative societies in every village across the country has been collected through a digital database, and Maharashtra, Goa and Karnataka have made remarkable achievements in the cooperative sector. PACS societies will now not be limited to agriculture alone but will operate in 22 new service sectors. These include Jan Aushadhi Kendras, gas distribution, petrol pumps, railway ticketing services, taxi services. In the 'National Taxi' initiative, the taxi drivers will be the owners of the vehicle and their profits will be deposited directly in their bank accounts, he said. This initiatives will create new employment opportunities for women and youth, and will boost the rural economy. The country is moving towards a new era of cooperation said Shah. Speaking on occasion, Chief Minister Devendra Fadnavis said that Maharashtra has successfully implemented various schemes in rural areas through PACS and FPOs (Farmer Producer Organizations). These schemes have given a boost to employment generation and have provided a market chain to farmers. Maharashtra has fulfilled the objectives of the central government more efficiently, Fadnavis said. He further said that Maharashtra has a 120-year tradition of cooperation and this historical land is to celebrate the International Year of Cooperation. UNI SP RN
Hans India
2 days ago
- Business
- Hans India
Govt to set up cooperative insurance firm, two lakh new PACS: Union Minister Shah
Mumbai: Union Minister of Cooperation, Amit Shah on Friday said that the cooperation ministry has taken a slew of decisions to transform the cooperative sector across the country. He announced that the government will establish a cooperative insurance company to facilitate insurance services within the cooperative sector and it will open up various new opportunities. The new entity is expected to provide tailored insurance solutions for cooperative institutions, ensuring better risk coverage and financial security. In addition, two lakh Primary Agricultural Cooperative Societies (PACS) will be established, which will lead to their presence in every panchayat. The new PACS will be multidimensional and they will be able to do 22 different activities. "Apart from the present work of providing primary agricultural funds, PACS will do various works including running a petrol pump, undertake gas distribution, conduct maintenance under the 'Har Ghar Nal Se Jal Yojana', and do railway and air ticket bookings," he said. In his speech at the conference organised by NAFED, Union Minister Shah said that of the 71,000 PACS, nearly 52,000 have become live due to computerisation and related initiatives. He announced that the foundation laying of the Tribhuvan Sahkari University, which will work at the national level, will take place by August. 'Cooperation may be a system for the whole world, but for India, cooperation is the philosophy of our traditional way of life. Coming together, thinking together, working together towards a common goal, standing by each other in joy and sorrow — this is the soul of India's philosophy of life. "Whether it's the purchase of farmers' grains at MSP across the country or providing every poor person with 5 kilos of free grains under PM Garib Kalyan Anna Yojana, NCCF and NAFED play a crucial role in all these initiatives," he said. He added that to make the cooperative movement stronger, the government has prepared a database which will also be available at the state Registrar level. He said that to empower taxi drivers and promote cooperative entrepreneurship, Sahakar Taxi Cooperative Limited has been officially registered. Under the Sahakar Taxi structure, cab drivers will be direct members and co-owners as this model allows for equitable profit sharing, democratic governance, and ensures that the benefits of the platform flow directly to those who run it. Moreover, Union Minister Shah said that the government has taken a number of decisions to provide relief to the cooperative sector in the income tax regime. He added that the Centre has waived income tax worth Rs 15,000 crore payable by the cooperative sugar factories in Maharashtra and come out with a permanent solution to provide them relief.
Hans India
3 days ago
- Politics
- Hans India
Indiramma Housing Scheme Proceedings Distributed to Beneficiaries in Gattu Mandal: MLA Bandla Krishna Mohan Reddy and District Collector BM Santosh Lead the Initiative
Gadwal: In a significant welfare initiative under the Telangana state government, sanctioned proceedings for Indiramma Housing Scheme were distributed to eligible beneficiaries in Gattu Mandal of Gadwal constituency. The distribution ceremony was held with local MLA Bandla Krishna Mohan Reddy, District Collector B.Y.M. Santosh, and Additional Collector Lakshminarayana attending as chief guests. As part of the government's mission to fulfill the dream of homeownership for the underprivileged, the MLA and the District Collector personally handed over the Indiramma Housing approval documents to deserving families. In recognition of their commitment to public service, local leaders and PACS Chairman honored the guests with shawls and floral bouquets. MLA's Address: Speaking on the occasion, MLA Bandla Krishna Mohan Reddy highlighted the developmental strides being made in Gattu Mandal, which was once known for migration due to poverty. He mentioned that since taking office, he had consistently worked to secure government funding to develop the region. He proudly stated that Gattu Mandal is now witnessing improvement in various sectors, including education, where local students are now securing jobs as teachers, police officers, and gaining admissions in medical colleges. The MLA further said that under Chief Minister Revanth Reddy's leadership, the state government has already fulfilled two of the six major guarantees promised during the election campaign, such as free bus travel for women, subsidized LPG cylinders at ₹500, 200 units of free electricity, farmer loan waivers, Rythu Bandhu support, ration cards, and fine rice distribution. He emphasized that for families who have lived in rented huts for generations, the government is now sanctioning ₹5 lakhs per house under the Indiramma Housing Scheme to build permanent homes. In the first phase, 3,500 houses have been sanctioned for the Gadwal constituency, of which 780 houses are allotted to Gattu Mandal. He reassured the public: 'There's no need for concern. Every eligible person will receive their due benefits under the welfare schemes.' Collector's Remarks: District Collector B.Y.M. Santosh echoed the state government's commitment to eradicating hut dwellings across Telangana through the prestigious Indiramma Housing Scheme, with 3,500 houses allocated per constituency. He urged beneficiaries to begin construction within 45 days, as the disbursement of funds would follow the stages of construction directly into their bank accounts. The Collector also assured that a second phase of allotment will soon begin to cover more needy families. Highlighting the rapid transformation, he noted that Gattu Mandal, once labeled among the most backward areas in Asia, is now progressing in various sectors, including education and healthcare, thanks to the continued efforts of the local leadership. He concluded by urging parents to prioritize education for their children, discourage child marriages, and focus on nurturing an educated future generation. Distinguished Guests and Attendees: The event witnessed the participation of several dignitaries and public representatives, including: Agricultural Market Yard Chairman Kuruva Hanumanthu Former State Chairman Gattu Thimmappa Former ZP Chairman Bandari Bhaskar Former District Library Chairman Jambu Raman Gowdu Former MPP Vijay, ZP TC Rajashekar PACS Chairman Venkatesh Senior leaders like Gaddam Krishna Reddy, Ramesh Naidu, Bajari Maheshwar Reddy, Ramakrishna Reddy, and others Youth representatives, local leaders, and community activists also joined in large numbers, reflecting the public's support for the government's welfare-driven governance.
Yahoo
6 days ago
- Business
- Yahoo
PACS Group to Restate Certain Previously Issued Financial Statements
Audit Committee Investigation Substantially Complete FARMINGTON, Utah, June 16, 2025--(BUSINESS WIRE)--PACS Group, Inc. (NYSE: PACS) ("PACS" or the "Company") announced today that it will restate its previously issued condensed combined/consolidated financial statements as of and for the three months ended on March 31, 2024 included in the Company's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2024 (as amended on May 21, 2024), and as of and for the three and six months ended on June 30, 2024 included in the Company's Quarterly Report on Form 10-Q filed with the SEC on August 12, 2024 (collectively, the "Prior Financial Statements," and each such quarterly period in the six months ended June 30, 2024, the "Impacted Periods"). The Prior Financial Statements and any previously furnished reports or communications of PACS describing the Company's financial results for the Impacted Periods should no longer be relied upon. As previously disclosed, the Company's independent Audit Committee of the Board of Directors (the "Audit Committee"), with assistance from external counsel, has been conducting an independent investigation of third-party allegations. The Audit Committee has made substantial progress and is nearing the completion of the investigation. To date, the Audit Committee has found no basis to question the integrity of the Company's Executive Vice Chairman, Chief Executive Officer, Chief Financial Officer or Chief Accounting Officer. In connection with additional facts learned, including as a result of the Audit Committee's independent investigation, and due to regulatory, compliance and Medicare Part B billing uncertainties, management has determined that it is appropriate to reconsider the Company's judgmental assessments of the compliance of its respiratory and certain other therapy services. Management has also determined that it is appropriate to reconsider the application of certain aspects of revenue recognition guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts With Customers ("ASC 606") regarding revenue from billings for such services. As a result, the Company believes that the revenue associated with the provision of respiratory services and certain other therapy services billed under Medicare Part B should not have been recognized as revenue in the Impacted Periods. Accordingly, the Company has determined that it overstated total revenue in the condensed combined/consolidated statements for the Impacted Periods by: Approximately $15.0 million to $17.0 million for the three month period ended March 31, 2024 and approximately $46.0 million to $48.0 million for the three month period ended June 30, 2024. These amounts are preliminary and may be subject to change. The Company is working diligently to restate the Prior Financial Statements as soon as practicable. Given the ongoing investigation, PACS has been unable to file its Quarterly Report on Form 10-Q for the nine months ended September 30, 2024, its Annual Report on Form 10-K for the year ended December 31, 2024, and its Quarterly Report on Form 10-Q for the three months ended March 31, 2025. As previously disclosed in the Company's Current Report on Form 8-K filed on June 2, 2025, The New York Stock Exchange ("NYSE") provided the Company with an additional trading period through September 2, 2025, subject to reassessment on an ongoing basis, to file its delinquent filings and regain compliance with NYSE listing standards. PACS intends to restate the Prior Financial Statements and file its delinquent quarterly and annual reports within the granted additional period. Further to the Audit Committee's ongoing investigation, the Company's management team, together with external counsel and outside advisors, has undertaken a thorough review of its regulatory compliance program and has begun to implement additional measures designed to enhance processes and controls surrounding regulatory compliance. As part of this process, PACS has retained a new Interim Chief Compliance Officer to oversee the ongoing review and the implementation of updates to the Company's compliance program. PACS is also continuing to assess the effect of any restatements on the Company's internal controls over financial reporting and its disclosure controls and procedures. Additional information relating to the restatement is available in the Company's Current Report on Form 8-K filed today. About PACS™ PACS Group, Inc. is a holding company investing in post-acute healthcare facilities, professionals, and ancillary services. Founded in 2013, PACS Group is one of the largest post-acute platforms in the United States. Its independent subsidiaries operate 314 post-acute care and senior living facilities across 17 states, serving over 30,000 patients daily. References herein to the consolidated "Company," as well as the use of the terms "we," "us," "our," "its" and similar verbiage, refer to PACS Group, Inc. and its consolidated subsidiaries, taken as a whole. PACS Group, Inc. and its subsidiaries that are not licensed healthcare providers do not provide healthcare services to patients, residents or any other person, and do not direct or control the provision of services provided or the operations of those provider subsidiaries. All healthcare services are provided solely by its applicable subsidiaries that are licensed healthcare providers, under the direction and control of licensed healthcare professionals in accordance with applicable law. More information about PACS is available at Forward-Looking Statements This press release contains, and other communications of the Company may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as "believe," "expect," "anticipate," "intend," "estimate," "project," "outlook," "forecast," "target," "trend," "plan," "goal," or other words of comparable meaning or future-tense or conditional verbs such as "may," "will," "should," "would," or "could." Statements concerning the Company's future are forward-looking statements, and are based on management's current expectations, assumptions and beliefs about the Company's business, financial performance, operating results, the industry in which the Company operates and possible future events. These statements include, but are not limited to, statements regarding the Company's expectations regarding the timing of and its ability to restate the Prior Financial Statements and file its delinquent quarterly and annual reports. Forward-looking statements convey the Company's expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. Forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions, which may change over time and many of which are beyond the Company's control, and that could cause the Company's actual results to materially and adversely differ from those expressed in any forward-looking statement, including the outcome of any ongoing government or internal investigations, risks associated with litigation, risks associated with the Company's ability to restate the Prior Financial Statements and file its delinquent quarterly and annual reports within the granted additional period, risks associated with the NYSE's ongoing compliance monitoring, and the other risks described in the Company's filings with the Securities and Exchange Commission. View source version on Contacts Investors: IR@ Media: Brooks StevensonVP Corporate Communication262 N. University AvenueFarmington, UT 84025T:
Business Wire
6 days ago
- Business
- Business Wire
PACS Group to Restate Certain Previously Issued Financial Statements
FARMINGTON, Utah--(BUSINESS WIRE)--PACS Group, Inc. (NYSE: PACS) ('PACS' or the 'Company') announced today that it will restate its previously issued condensed combined/consolidated financial statements as of and for the three months ended on March 31, 2024 included in the Company's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2024 (as amended on May 21, 2024), and as of and for the three and six months ended on June 30, 2024 included in the Company's Quarterly Report on Form 10-Q filed with the SEC on August 12, 2024 (collectively, the 'Prior Financial Statements,' and each such quarterly period in the six months ended June 30, 2024, the 'Impacted Periods'). The Prior Financial Statements and any previously furnished reports or communications of PACS describing the Company's financial results for the Impacted Periods should no longer be relied upon. As previously disclosed, the Company's independent Audit Committee of the Board of Directors (the 'Audit Committee'), with assistance from external counsel, has been conducting an independent investigation of third-party allegations. The Audit Committee has made substantial progress and is nearing the completion of the investigation. To date, the Audit Committee has found no basis to question the integrity of the Company's Executive Vice Chairman, Chief Executive Officer, Chief Financial Officer or Chief Accounting Officer. In connection with additional facts learned, including as a result of the Audit Committee's independent investigation, and due to regulatory, compliance and Medicare Part B billing uncertainties, management has determined that it is appropriate to reconsider the Company's judgmental assessments of the compliance of its respiratory and certain other therapy services. Management has also determined that it is appropriate to reconsider the application of certain aspects of revenue recognition guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts With Customers ('ASC 606') regarding revenue from billings for such services. As a result, the Company believes that the revenue associated with the provision of respiratory services and certain other therapy services billed under Medicare Part B should not have been recognized as revenue in the Impacted Periods. Accordingly, the Company has determined that it overstated total revenue in the condensed combined/consolidated statements for the Impacted Periods by: Approximately $15.0 million to $17.0 million for the three month period ended March 31, 2024 and approximately $46.0 million to $48.0 million for the three month period ended June 30, 2024. These amounts are preliminary and may be subject to change. The Company is working diligently to restate the Prior Financial Statements as soon as practicable. Given the ongoing investigation, PACS has been unable to file its Quarterly Report on Form 10-Q for the nine months ended September 30, 2024, its Annual Report on Form 10-K for the year ended December 31, 2024, and its Quarterly Report on Form 10-Q for the three months ended March 31, 2025. As previously disclosed in the Company's Current Report on Form 8-K filed on June 2, 2025, The New York Stock Exchange ('NYSE') provided the Company with an additional trading period through September 2, 2025, subject to reassessment on an ongoing basis, to file its delinquent filings and regain compliance with NYSE listing standards. PACS intends to restate the Prior Financial Statements and file its delinquent quarterly and annual reports within the granted additional period. Further to the Audit Committee's ongoing investigation, the Company's management team, together with external counsel and outside advisors, has undertaken a thorough review of its regulatory compliance program and has begun to implement additional measures designed to enhance processes and controls surrounding regulatory compliance. As part of this process, PACS has retained a new Interim Chief Compliance Officer to oversee the ongoing review and the implementation of updates to the Company's compliance program. PACS is also continuing to assess the effect of any restatements on the Company's internal controls over financial reporting and its disclosure controls and procedures. Additional information relating to the restatement is available in the Company's Current Report on Form 8-K filed today. About PACS™ PACS Group, Inc. is a holding company investing in post-acute healthcare facilities, professionals, and ancillary services. Founded in 2013, PACS Group is one of the largest post-acute platforms in the United States. Its independent subsidiaries operate 314 post-acute care and senior living facilities across 17 states, serving over 30,000 patients daily. References herein to the consolidated 'Company,' as well as the use of the terms 'we,' 'us,' 'our,' 'its' and similar verbiage, refer to PACS Group, Inc. and its consolidated subsidiaries, taken as a whole. PACS Group, Inc. and its subsidiaries that are not licensed healthcare providers do not provide healthcare services to patients, residents or any other person, and do not direct or control the provision of services provided or the operations of those provider subsidiaries. All healthcare services are provided solely by its applicable subsidiaries that are licensed healthcare providers, under the direction and control of licensed healthcare professionals in accordance with applicable law. More information about PACS is available at Forward-Looking Statements This press release contains, and other communications of the Company may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as 'believe,' 'expect,' 'anticipate,' 'intend,' 'estimate,' 'project,' 'outlook,' 'forecast,' 'target,' 'trend,' 'plan,' 'goal,' or other words of comparable meaning or future-tense or conditional verbs such as 'may,' 'will,' 'should,' 'would,' or 'could.' Statements concerning the Company's future are forward-looking statements, and are based on management's current expectations, assumptions and beliefs about the Company's business, financial performance, operating results, the industry in which the Company operates and possible future events. These statements include, but are not limited to, statements regarding the Company's expectations regarding the timing of and its ability to restate the Prior Financial Statements and file its delinquent quarterly and annual reports. Forward-looking statements convey the Company's expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. Forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions, which may change over time and many of which are beyond the Company's control, and that could cause the Company's actual results to materially and adversely differ from those expressed in any forward-looking statement, including the outcome of any ongoing government or internal investigations, risks associated with litigation, risks associated with the Company's ability to restate the Prior Financial Statements and file its delinquent quarterly and annual reports within the granted additional period, risks associated with the NYSE's ongoing compliance monitoring, and the other risks described in the Company's filings with the Securities and Exchange Commission.
