Syngene International Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
SYNGENE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Syngene International has informed exchanges that the Karnataka High Court has allowed its Writ Petition related to income tax matters for Assessment Years 2010-11, 2011-12, and 2012-13. The petition contested the Income Tax Department's adjustment of refunds for these years against demands of other years and non-issuance of a refund for AY 2012-13, together aggregating to about Rs. 48.91 crore. The court has directed the tax authorities to refund the amount along with interest, subject to verification. No penalty, restriction, or sanction has been imposed on the company, and the company believes there will be no material impact on its financials or operations.
Positive for shareholders — a favorable court ruling directing a potential tax refund of around Rs. 48.91 crore plus interest, though the company has indicated this is unlikely to have a material impact on its overall financial position.