Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
THELEELA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Leela Palaces Hotels & Resorts has disclosed receiving an order from the Office of Divisional Commissioner, Delhi Revenue Department, concerning stamp duty on the issuance of dematerialized shares during 2021. The order demands stamp duty of Rs. 8,04,461 plus a penalty of Rs. 20,00,000, totaling approximately Rs. 28 lakh. The company states it had already paid stamp duty under Section 9A(1) read with Article 56A of the Indian Stamp Act. The dispute arises from differing interpretations of stamp duty rates on dematerialized shares under the amended Indian Stamp Act (effective July 2020). The company clarifies this has no material impact on its financials or operations and is pursuing appropriate legal remedies. Several other companies have also filed writ petitions on this same issue before the Delhi High Court.
The combined demand of about Rs. 28 lakh is relatively small for a luxury hotel chain and the company explicitly states no material impact. This appears to be an industry-wide interpretive dispute rather than a company-specific failure, and ongoing judicial proceedings may eventually resolve the matter favorably.