Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please be informed that the High court of Gujarat at Ahmedabad has admitted tax appeal filed by Principal Commissioner of Income tax-1 (Appellant) against the company (opponent) in the hearing held on 24th January, 2018.
In the above case if the company fails to obtain the favorable order, there would be substantial financial tax liability to the extent of approximately Rs. 2 Crores plus Interest or penalty levied if any under the Income Tax Act, 1961.
Company has received today i.e. 25th January, 2018 the copy of order passed by the High court of Gujarat at Ahmedabad admitting the tax appeal filed by Principal Commissioner of Income tax-1.
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