Madras High Court Grants Stay on Velan Hotels' Audi Car Entry Tax Recovery

Velan Hotels Ltd has received an order from the Hon'ble Madras High Court in relation to the demand of payment of Entry Tax on an Audi Car imported in 2006, along with Penalty and Interest. The High Court has disposed of the writ petition and passed an order allowing the Company to file an appeal before the Appellate Authority within 30 days from the date of the order. The recovery of the Entry Tax, Penalty and Interest has been kept in abeyance for 60 days from the order, and the Company is required to secure an appropriate order from the Appellate Authority to stay further recovery thereafter. Velan Hotels will continue to make disclosures updating material developments till the event is resolved or closed, with relevant explanations.