Intimation regarding Order passed by Hon''ble High Court in Criminal Appeal No. 89 of 2020.
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The Bombay High Court has allowed Criminal Appeal No. 89 of 2020 filed by Norris Medicines, setting aside an earlier order under Section 8 of the Maharashtra Protection of Interest of Depositors (MPID) Act that had directed the Company and its Director to deposit ₹1,32,92,359 along with 18% simple interest per annum. The Court observed that since the underlying MPID Special Case No. 3 of 2003 had already resulted in acquittal, the deposit order could not be sustained. As a result, the requirement to deposit the said amount has been quashed.
Positive for shareholders — the Company and its Director are relieved of a potential liability of over ₹1.32 crore plus interest, and the favorable ruling along with the prior acquittal removes a key legal overhang on the stock.