Dalmia Bharat Limited has informed the Exchange about General Updates
DALBHARAT · price
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Awaiting price reaction for this filing.
Dalmia Bharat's wholly owned subsidiary Dalmia Cement (Bharat) Limited (DCBL) had challenged a December 2023 tax assessment order for FY 2017-18 before the Madurai Bench of the Madras High Court, which had granted an interim stay in January 2024. The Madras High Court has now disposed of a batch of similar petitions by remanding the matters back to the assessing authorities, asking them to pass fresh orders after hearing the petitioners. The company says this is a beneficial ruling with no adverse financial impact on DCBL. DCBL will continue to defend the matter and pursue available remedies before the adjudicating authorities.
This is a positive development for Dalmia Bharat shareholders – the court order favours the subsidiary and the company has explicitly stated there is no adverse financial impact. Near-term overhang from this tax dispute is reduced, though the final outcome will depend on the reassessment by tax authorities.