Manaksia Steels Faces ₹3.32 Cr Litigation for Haldia Land Premium

Manaksia Steels Ltd has disclosed a pending litigation concerning land in Haldia, West Bengal. The dispute arises from an order directing the company to pay an enhanced land premium of ₹3,32,50,000 (Rupees Three Crores Thirty-Two Lakhs Fifty Thousand only) for 35 acres of land. This amount is the remaining enhanced premium after the original rate was increased significantly. The company received this information from Manaksia Limited, as the land transfer records are yet to be updated with the statutory authority. While the order mandates payment, Manaksia Steels envisages no adverse financial implications in its working, though an appeal by the petitioner is possible.