NSE/BSE Codes: NSE: ARTEMISMED, BSE: 542919

Summary of Key Information:

Nature of Event / Disclosure:

Regulatory disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding receipt of a Show Cause Notice from the Goods and Service Tax Department.

Involved Parties / Authorities:

  • Office of the Assistant Commissioner, CGST, Gurugram
  • Hon'ble High Court of Punjab & Haryana, Chandigarh

Date / Timeline of Event:

  • Show Cause Notice Date: September 28, 2026
  • Date of Receipt of Communication: September 29, 2026 at 10:30 A.M. (IST)
  • Period Applicable: April 1, 2022 to March 31, 2023 (Financial Year 2022-23)
  • Previous Disclosure Date: November 22, 2024 (for an earlier notice on the same matter)

Brief Description of Outcome / Dispute:

The Goods and Service Tax Department has alleged that the Company charged Maximum Retail Price (MRP) from in-patients (IPD) on medicines, consumables, and implants supplied while providing healthcare services, which included GST, but did not remit the collected tax to the Government.

Impact of Outcome:

Financial Impact:
  • The notice specifies an expected financial implication of ₹11.11 Crore plus interest and penalty thereon.
  • The quantum of claims is ₹11.11 Crore plus interest and penalty thereon.
Operational / Business / Strategic Impact:

No material operational disruptions or business impacts are disclosed. The matter pertains to a historical compliance issue.

Other Implications:

The disclosure is made due to the material nature of the financial claim, which could potentially affect the company's financials if the outcome is unfavorable.

Next Steps / Required Actions:

  • The Company is in the process of filing a writ petition before the Hon'ble High Court of Punjab & Haryana, Chandigarh in relation to this Show Cause Notice.
  • The Company will seek to connect this new matter with a previous writ petition (filed November 2024) concerning the same issue, where the Hon'ble High Court had already granted an interim stay on proceedings along with writ petitions filed by other hospitals.