NSE/BSE Codes: Symbol: NIVABUPA, Scrip Code: 544286 (BSE)

Summary of Key Information:

Nature of Event / Disclosure:

Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding the receipt of a Refund Sanction Order from a tax authority, resolving a material litigation.

Involved Parties / Authorities:

  • Directorate General of GST Intelligence, Mumbai Zonal Unit (Original investigating authority)
  • Office of the Deputy Commissioner of State Tax, Mumbai (Authority issuing the refund sanction)

Date / Timeline of Event:

  • Period of Dispute: July 2017 to September 2022
  • Previous Update Date: February 05, 2025
  • Refund Order Receipt Date: July 14, 2026 at 16:58 hours
  • Disclosure Date: July 15, 2026

Brief Description of Outcome / Dispute:

The company had ongoing litigation concerning the disallowance of input tax credit under GST. The matter has now been resolved in favor of the company. The Office of the Deputy Commissioner of State Tax, Mumbai, has sanctioned a refund of ₹22.12 crores to the company.

Impact of Outcome:

Financial Impact:

  • A refund of ₹22.12 crores has been sanctioned.
  • The company expects to receive this refund amount in due course.
  • There are no financial penalties, compensation payments, or settlement costs associated with this resolution.

Operational / Business / Strategic Impact:

  • The resolution concludes a material tax litigation that was previously disclosed in the company's prospectus.
  • No operational disruptions, compliance requirements, or strategic consequences are indicated as a result of this outcome.
  • The favorable resolution positively concludes a significant historical compliance matter.

Other Implications:

  • The matter has been resolved with a full favorable outcome for the company.
  • No aberrations, non-compliances, penalties, restrictions, or sanctions were identified or imposed by the authority.

Next Steps / Required Actions:

  • The company expects to receive the sanctioned refund of ₹22.12 crores in due course.
  • No further actions, responses, or compliance measures are required as the matter is fully resolved.