Shipping Corporation Of India Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) in revision of our earlier disclosure filed today
SCI · price
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Awaiting price reaction for this filing.
Shipping Corporation of India (SCI) has won a service tax dispute at the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai. The Department had appealed an earlier 2016 order that was in SCI's favor, regarding service tax on Demurrage Income for July 2012 to September 2015. CESTAT has dismissed the Department's appeal, upholding the original favorable ruling. The dispute involved a principal amount of about Rs 49.44 crore plus interest. With the appeal dismissed, SCI expects to remove approximately Rs 146 crore (Rs 49.44 crore principal + Rs 96.56 crore interest as of June 30, 2025) from its contingent liabilities. This is a revised/updated disclosure to the one filed earlier the same day.
Positive for shareholders — SCI is set to benefit by approximately Rs 146 crore, which will move from contingent liability to a confirmed gain/asset and likely boost profitability in the relevant reporting period.