ESIC Show Cause Notice for Rs 92.17 Lakh Damages Recovery

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Nifty Microcap 250market · in no size index; the smallest one is used+0.4%+3.2% vs market

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On the reaction day the stock moved 3.2 pts more than Nifty Microcap 250 and 3.6 pts more than its Other Consumer Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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UpDownMarket · Nifty Microcap 250Sector · Other Consumer Services peers, median of 5Pending

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AI summary

NIS Management has received a Show Cause Notice from the Employees' State Insurance Corporation (ESIC) for proposed recovery of damages of Rs. 92,17,443 (around Rs 92.17 lakh) covering the period July 2018 to June 2019. The company is examining the notice and plans to submit a representation to contest the matter legally. Financial impact depends on the outcome of the proceedings.

Likely market impact

Show cause notice only - company will contest. Potential liability of around Rs 92 lakh if decided against the company, no immediate impact until proceedings conclude.