Legal14 Aug 2026, 09:12 pm
Bannari Amman Sugars: Madras High Court Grants Interim Stay on Tax Recovery
AI Summary
Bannari Amman Sugars Ltd has announced that the High Court of Judicature at Madras has granted an interim stay on recovery proceedings initiated by the District Collector, Erode. These proceedings, under the Revenue Recovery Act, 1864, were for the recovery of ₹12,72,30,170/- towards alleged tax and interest under the Tamil Nadu Tax on Consumption or Sale of Electricity Act, 2003. The company had challenged these proceedings via a Writ Petition. This disclosure also rectifies a previous omission where a related disclosure dated 04.08.2026 was inadvertently not uploaded to the BSE. The company will continue to pursue the matter and keep the stock exchanges informed of further developments.
Key Highlights
- Madras High Court grants interim stay on ₹12.72 Cr tax recovery proceedings.
- Stay order pertains to alleged tax and interest under Tamil Nadu Electricity Act.
- Company had challenged the recovery proceedings via a Writ Petition.
- Disclosure rectifies inadvertent omission of prior filing to BSE.
- Company committed to complying with SEBI disclosure norms.
Price Impact
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