NSE/BSE Codes: NSE Symbol: NECLIFE, BSE Scrip Code: 532649

Summary of Key Information:

Nature of Event / Disclosure:

Regulatory disclosure under SEBI LODR Regulation 30 regarding material litigation update involving GST dispute with Principal Commissioner of CGST Commissionerate, Ludhiana.

Involved Parties / Authorities:

  • Nectar Lifesciences Limited (Company)
  • Principal Commissioner of CGST Commissionerate, Ludhiana, Punjab (Opposing Party)
  • Commissioner (Appeal) - Appellate Authority
  • Hon'ble High Court of Punjab and Haryana

Date / Timeline of Event:

  • March 24, 2026: Initial disclosure letter no. NLL/CS/2026-667 regarding regulatory update
  • May 27, 2025: Appellate Authority order date
  • September 24, 2026: High Court order date
  • October 03, 2026: Date of receipt of order and current disclosure

Brief Description of Outcome / Dispute:

The Principal Commissioner of CGST Commissionerate, Ludhiana filed a civil writ petition challenging the Appellate Authority's order dated May 27, 2025. The Hon'ble High Court of Punjab and Haryana vide its order dated September 24, 2026, remanded back the matter to the Appellate Authority for fresh consideration.

Impact of Outcome:

Financial Impact:

In the event the Appellate Authority reconsiders the matter, the Company may be exposed to pay:

  • ₹89.32 crore demand along with interest therein and penalties
  • ₹6.24 crore demand raised

The final quantum of liability is presently not ascertainable. The Appellate Authority had earlier:

  • Confirmed ineligible Input Tax Credit (ITC) amounting to ₹17.06 lakh (CGST ₹8.53 lakh and SGST ₹8.53 lakh) and imposed an equivalent penalty
  • Dropped the balance demand of ₹89.32 crore along with applicable interest and penalties on this issue
  • Remanded the demand of ₹6.24 crore to the proper officer for de novo adjudication in accordance with GST law, with adjustment of taxes/interest already paid
  • Quashed personal penalties of ₹25,000 each imposed on Mr. Sanjiv Goyal (Chairman & Managing Director), Mr. R. K. Aggarwal, and Mr. Sandeep Goel (former employees)
Operational / Business / Strategic Impact:

No material disclosures in this section.

Other Implications:

The Company reserves the right to prefer an appeal before the Hon'ble Tribunal, if required.

Next Steps / Required Actions:

The matter has been remanded back to the Appellate Authority for fresh consideration. The Company will participate in the fresh proceedings before the Appellate Authority.