Orchid Pharma Receives Tax Order for ₹1.67 Cr Refund Recovery

Orchid Pharma Limited has received an order from the Goods and Service Department confirming the demand and recovery of an erroneously refunded amount of ₹1,67,07,937 along with applicable interest. The company believes the order is unjustified and unsustainable, and intends to file an appeal. The matter pertains to a period before the company's Corporate Insolvency Resolution Process (CIRP) and subsequent acquisition. Management is of the view that liabilities from the pre-acquisition period are addressed under the approved Resolution Plan, and therefore, the order is not expected to have a material impact on the company's financials or operations.