Nature of the Event
Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, regarding a legal order received from the Hon'ble Delhi High Court.
Key Quantitative Figures
The interest demand quantified in the order is ₹15,16,65,821 (Fifteen Crore Sixteen Lakh Sixty-Five Thousand Eight Hundred Twenty-One Rupees).
Dates of Action
- Show Cause Notice Date: June 18, 2018
- Final Settlement Order Date: November 14, 2019
- High Court Order Date: August 21, 2026
- Date of Receipt of Order by Company: August 24, 2026
- Disclosure Date: August 24, 2026
Parties Involved
- Applicant/Listed Entity: NITCO Limited
- Adjudicating Authority: Hon'ble High Court of Delhi
- Proposed Next Authority: Hon'ble Supreme Court of India
Purpose/Rationale
The Company had filed a Writ Petition challenging proceedings arising from a Show Cause Notice and the consequential interest demand. The challenge was made, inter alia, on the ground that the underlying customs duty demand was time-barred.
Details of the Order
The Hon'ble Delhi High Court dismissed the Company's Writ Petition. The Court observed that the challenge to the Show Cause Notice on the ground of limitation could not be reopened in the present proceedings. The Court found no infirmity in the consequential direction for quantification of interest under Clause (e) of Para 51(ii) of the Final Settlement Order.
Financial Impact
As per the disclosure, the financial impact is quantifiable and amounts to ₹15,16,65,821 towards interest. The Company states there is no material impact on its operations or other activities.
Future Course of Action
The Company, being aggrieved by the order, proposes to challenge it before the Hon'ble Supreme Court of India by filing a Special Leave Petition (SLP). The Company shall take appropriate legal steps and keep the stock exchanges informed of any further material developments.