Hitech Corporation Limited has informed the Exchange regarding 'receipt of an order on August 05, 2025 from Collector and Additional Superintendent of Stamps, Gandhinagar
HITECHCORP · price
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Hitech Corporation has received an order dated August 05, 2025 from the Gujarat Stamp Authority demanding stamp duty of Rs. 26.49 lakh and a fine of Rs. 1.59 crore (total ~Rs. 1.85 crore) on movable and immovable properties transferred under a Slump Sale Agreement dated May 30, 2006 between Mipak Plastics and Mipak Polymers. These entities were later merged into Hitech Corporation through court-approved schemes in 2010 and 2015. The company states stamp duty was already paid to the Maharashtra Stamp Authority at the time and plans to file an appeal against the Gujarat order. Hitech has clarified that the order has no material impact on its financial position, operations, or activities.
The total demand of approximately Rs. 1.85 crore is not considered material by the company, but a losing appeal could affect cash flows. Investors should watch for updates on the appeal outcome as the matter remains unresolved.