Court grants stay on ESIC demand of Rs 2.17 crore against NIS Management

Court Stay ObtainedRegulatory & Legal View source PDF Explain this filing

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AI summary

NIS Management filed a Writ Petition at the Calcutta High Court against ESIC over a damages demand of about Rs 2.17 crore arising from multiple ESIC notices. The Court has granted a stay on ESIC's recovery proceedings until December 15, 2026 or until further orders. The company is challenging the notices and the proposed recovery. The stay temporarily halts any recovery action by ESIC against the company.

Likely market impact

Positive for shareholders as the court stay temporarily protects the company from paying the Rs 2.17 crore ESIC demand. Final outcome still pending.