Hitech Corporation Limited has informed the Exchange regarding 'receipt of an order on June 30, 2025 from Collector and Additional Superintendent of Stamps, Gandhinagar.'.
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Hitech Corporation has received an order from the Collector and Additional Superintendent of Stamps, Gandhinagar, demanding Rs. 11,16,605 in stamp duty plus a fine of Rs. 60,63,166 (total about Rs. 71.8 lakh). The demand relates to property in Gujarat that was transferred to the company under a Scheme of Amalgamation involving Mipak Polymers and Clear Plastics, which were later merged into Hitech Corporation via Bombay High Court orders in 2010 and 2015. The company had already paid stamp duty on those earlier orders after due adjudication, and says the Gujarat authority is now seeking additional duty and fine on pan-India properties of Clear Plastics including movable assets. The company plans to file an appeal within the prescribed timeline and has stated there is no material impact on its financials or operations.
The financial exposure is small (under Rs. 1 crore) and the company is contesting it through appeal, so near-term impact on shareholders is limited. However, if the appeal fails or similar demands arise from other states, cumulative stamp duty liabilities could grow and become material.