Chalet Hotels Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
CHALET · price
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Chalet Hotels Limited has disclosed that the Hon'ble High Court of Karnataka at Bengaluru dismissed the company's Writ Petition challenging the revision in Property Tax rates for its Bengaluru Marriott Hotel Whitefield property. The Karnataka HC ruled that the tax revision factors in escalation as per law. As a result, the company will need to pay approximately Rs. 8.88 crore in disputed property tax. The company has clarified that business operations and financials are not impacted by this development. This disclosure is made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The adverse court ruling will result in a one-time tax outflow of Rs. 8.88 crore, though the company maintains this does not materially impact its overall financial position or operations. This is a relatively contained legal outcome with limited shareholder implications.