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 of an update in a pending environmental case before the Supreme Court. The Court has stayed the earlier (impugned) order on environmental compensation, giving the company temporary relief. However, the company must deposit 50% of the interim environmental compensation, i.e. Rs. 2.50 crore, with the Supreme Court Registry within two weeks. The case involves the Punjab State Pollution Control Board (PSPCB) and the District Magistrate/Deputy Commissioner, and relates to environmental compliance at the company's Derabassi facility. The deposited amount will be held as a demand draft and placed in an interest-bearing fixed deposit with a nationalized bank for six months, on auto-renewal. The next hearing date is awaited.
Mixed outcome for shareholders — the stay on the original order is a positive, but the Rs. 2.50 crore deposit represents a near-term cash outflow and the underlying environmental liability remains unresolved. Watch the next hearing for final resolution, which could affect the stock sentiment.