Madras High Court grants interim stay on Rs 12.72 cr tax recovery

Court Stay ObtainedRegulatory & Legal View source PDF Explain this filing

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₹3475.00

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Nifty Microcap 250market · in no size index; the smallest one is used+1.3%-1.3% vs market

Sugar peers, median of 27sector-1.2%+1.2% vs sector

On the reaction day the stock moved 1.3 pts less than Nifty Microcap 250 and 1.2 pts more than its Sugar peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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Reaction day

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Next day

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UpDownMarket · Nifty Microcap 250Sector · Sugar peers, median of 27Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Bannari Amman Sugars informs that the Madras High Court has granted an interim stay on recovery proceedings initiated by the District Collector of Erode under the Revenue Recovery Act for Rs 12.72 crore in alleged electricity tax and interest under the Tamil Nadu Tax on Consumption or Sale of Electricity Act, 2003. The company filed a writ petition challenging the proceedings and will continue to pursue the matter.

Likely market impact

Positive short-term relief from recovery action; final outcome still pending and remains a risk to watch.