Please find enclosed the disclosure under Reg 30 of SEBI (LODR) Regulations, 2015
PARADEEP · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The National Company Law Appellate Tribunal (NCLAT) has rejected Paradeep Phosphates' appeal seeking exemption from Entry Tax under a rehabilitation scheme sanctioned by BIFR in 2008. The dispute involves tax liability of ₹76 crore for the period 2007-2014, against which the company has already deposited ₹26 crore under protest. The company had fully provided for this liability in its books. The NCLAT order upholds an earlier ruling by NCLT rejecting the company's plea. The company states no material financial impact is expected and plans to file a further appeal in the Supreme Court.
The adverse NCLAT ruling is a legal setback for the company, though the already provisioned liability and deposit of ₹26 crore should limit further financial damage. The stock may see mild negative reaction due to the litigation loss.