Bombay Dyeing & Mfg Company Limited has informed the Exchange about General Updates
BOMDYEING · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.2 pts less than Nifty Microcap 250 and 0.7 pts less than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Bombay Dyeing has informed the exchanges that the Maharashtra State Tax Tribunal in Mumbai has annulled (cancelled) a tax demand of ₹3,91,23,070 (approximately ₹3.91 crore) raised against the company for the period April 2017 to June 2017 (FY 2017-18). This followed an appeal filed by the company against the original assessment order. The tribunal ruled in favour of the company, effectively wiping out the disputed tax liability. This is a positive outcome as the company no longer needs to pay this amount or set aside provisions for it.
Positive for shareholders — the company has won a tax dispute worth nearly ₹4 crore, which frees up cash and removes a contingent liability. This could marginally improve earnings if provisions were earlier made, and is a small relief in the company's broader financial situation.