Shalby Limited has informed the Exchange regarding 'Update on pending litigation - order passed by Statutory Authority - Reg. 30 of SEBI LODR'.
SHALBY · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has issued an order dated March 16, 2026 against Shalby Limited, which the company received on April 10, 2026. The order disallows the company's appeal and demands Rs. 4.14 crore. The dispute originated from the pre-demerger period when Shalby Surat Hospital Pvt. Ltd. issued unquoted shares at a premium based on book value as per valuation report. The Assessing Officer had added the premium to income under Section 68 vide order dated December 28, 2017. The company states there is currently no implication on financials and it intends to contest the order at appropriate forums, expecting the merits of the case to be in its favour.
A tax liability of Rs. 4.14 crore has been upheld by ITAT, though the company plans to appeal further. The amount is material and could impact financials if the order stands, but immediate impact is mitigated by the company's intent to contest.