Religare Enterprises Limited has informed the Exchange about General Updates
RELIGARE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Care Health Insurance Limited (CHIL), a material subsidiary of Religare Enterprises, has received a stay order from the Bombay High Court on a GST demand originally raised by the Assistant Commissioner of GST, Faridabad. The demand, covering FY 2017-18 to 2023-24, relates to SEZ matters and totals Rs. 17.68 crore, with a similar Rs. 17.68 crore penalty plus interest under the CGST and IGST Acts. Religare notes that the issue is industry-wide. The court has stayed the original order until the writ petition is finally disposed of. The company has stated there is no financial impact at this stage.
Short-term relief for shareholders as the combined demand and penalty of roughly Rs. 35.36 crore (plus interest) is on hold, but the matter remains open and any adverse final ruling could still weigh on the subsidiary and the listed entity.