Intimation of the receipt of Delhi High Court Order admitting Company Petition in the matter of Novartis India Limited vs. Commissioner of Trade and Taxes (W.P.(C) 3892/2026)
NOVARTIND · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Novartis India has told BSE that the Delhi High Court has admitted its writ petition (W.P.(C) 3892/2026) against the Commissioner of Trade and Taxes, New Delhi. The petition challenges a DVAT assessment for Assessment Year 2013-14, where the tax authorities had raised a demand of around ₹10.89 crore in tax and interest along with a penalty of about ₹6.85 crore. The order is purely procedural — it only means the court has agreed to hear the case, and does not decide the merits. If the company gets a favourable ruling, it could receive a refund of roughly ₹54.45 lakhs. If the ruling goes against the company, there is no extra hit because the pre-deposit amount is already fully provided for in the books.
This is a mild procedural positive — the financial risk is already covered in the books, so shareholders should not expect a material impact on earnings or the stock price unless the final ruling is clearly in the company's favour.