Leela Palaces receives ₹28.04 Lac stamp duty & penalty order

Leela Palaces Hotels & Resorts Ltd has received an order from the Delhi Revenue Department demanding ₹8,04,461 in stamp duty and imposing a penalty of ₹20,00,000. This relates to the adjudication of stamp duty on shares issued in dematerialized form during 2021. The company clarifies that it had paid stamp duty in accordance with its interpretation of the Indian Stamp Act, 1899. The issue stems from a dispute over the applicable stamp duty rate for dematerialized shares, with similar matters currently under judicial consideration in the Delhi High Court for other companies. Leela Palaces states that this order will have no material impact on its financial, operational, or other activities and is pursuing appropriate courses of action.