Nectar Lifesciences Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
NECLIFE · price
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Nectar Lifesciences has informed exchanges about an update in a pending civil case where Sanjay Chemicals India Pvt. Ltd. was the plaintiff. The Mumbai City Civil Commercial Court has returned the plaint to the plaintiff on the grounds that it lacks jurisdiction to hear the matter. The original suit sought recovery of ₹43.31 lakh in principal, 21% interest, and a ₹2 lakh penalty, but the Company successfully argued the court had no jurisdiction and the claims were time-barred. The suit now stands fully disposed of with no financial liability or further action against the Company.
This is a positive outcome for shareholders as the legal threat — potentially around ₹50 lakh plus interest — has been fully extinguished with no liability on the Company. Removes an overhang from the stock, though the financial impact itself was modest.