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 that the Principal Commissioner of CGST, Ludhiana, has filed a civil writ petition in the Punjab and Haryana High Court challenging a May 27, 2025 order of the Commissioner (Appeal) that had largely gone in the company's favor. The earlier order had dropped a major demand of ₹89.32 crore, confirmed only a small ineligible input tax credit of ₹17.06 lakh with equivalent penalty, remanded a ₹6.24 crore demand for fresh adjudication, and quashed personal penalties on the Chairman and former employees. The tax department is now seeking to set aside this order and restore the original demand, along with an interim stay. The matter is listed for hearing on April 28, 2026, and the company says it will strongly contest the writ petition and may approach the Supreme Court if needed.
This is a contingent risk rather than a confirmed liability. If the High Court rules against the company, it could face a potential demand of about ₹89.32 crore plus interest and penalties, along with a separate ₹6.24 crore demand — a material amount for the company. Shareholders should watch the April 28, 2026 hearing closely, as the outcome could meaningfully affect the stock and the company's financial position.