NSE/BSE Codes: BSE: 532872, NSE: SPARC

Summary of Key Information:

Nature of Event / Disclosure:

This is a regulatory disclosure under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements) Regulations, 2015. It provides an update on the status of a previously disclosed ongoing litigation matter concerning a claim for a refund of accumulated CENVAT credit.

Involved Parties / Authorities:

The involved parties are Sun Pharma Advanced Research Company Limited (the appellant) and the Revenue Department (the respondent). The adjudicating authority is the Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Mumbai.

Date / Timeline of Event:

  • The original Order-in-Appeal was dated April 27, 2018.
  • The company's initial intimation disclosing this as a pending litigation was filed on August 14, 2023.
  • This update intimating the final outcome was filed on October 04, 2026.

The development (the CESTAT order) itself occurred between August 14, 2023, and October 04, 2026, though its exact date is not specified in the document.

Brief Description of Outcome / Dispute:

The litigation pertained to the company's entitlement to a refund of accumulated CENVAT credit. The CESTAT, Mumbai, has upheld the Order-in-Appeal dated April 27, 2018, which was originally passed in favor of the company. The tribunal confirmed the company's entitlement to the refund along with consequential interest, where applicable. The appeal filed by the Revenue Department has been dismissed.

Impact of Outcome:

Financial Impact:

The tribunal has confirmed the company's entitlement to a refund of Rs. 2751 Lakhs (₹27.51 Crores). The document also confirms entitlement to "consequential interest, where applicable" on this principal amount. This outcome represents a positive cash inflow and a potential improvement in the company's financial position for the period in which the refund is received.

Operational / Business / Strategic Impact:

No material disclosures in this section. The document does not indicate any operational, business, or strategic impacts beyond the financial outcome.

Other Implications:

The favorable order concludes a long-pending litigation, eliminating associated legal uncertainty and potential contingent liability from the company's records.

Next Steps / Required Actions:

No specific next steps or required actions are detailed in the document. The litigation is described as "stands decided," indicating the matter is concluded at this appellate level.