Disclosure under Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 – Update on litigation
In continuation of the company’s earlier intimation to stock Exchanges (BSE Limited and The National Stock Exchange of India Limited) dated 11.08.2023 in regard to the capital investment subsidy and other fiscal incentives claim filed by the Company under the Jharkhand Mega Project Incentive Rules, 2001, and pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 {SEBI (LODR) Regulations, 2015}, it is informed that the Hon’ble Supreme Court of India vide its order dated 04.11.2024 has dismissed the Special Leave Petition filed by the State of Jharkhand and others. Consequently, as explained in its earlier intimation, the company is entitled to receive its capital investment subsidy and other fiscal incentives amounting to Rs. 31.00 Crores alongwith interest. Thus, the Company shall now initiate the process to realize the said subsidy and other fiscal incentives from the State of Jharkhand.
The copy of the said order was uploaded on website of Hon’ble Supreme Court of India on November 4, 2024 which was downloaded on November 4, 2024 at 7:05 p.m.
The details of the development on the said litigation matter of the Company is provided as required under the Regulation 30 of the SEBI (LODR) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13 July 2023 are mentioned below:
| S. No. | Disclosure | Update |
| 1 | The details of any change in the status and/or any development in relation to such proceedings | The Hon’ble Supreme Court of India vide its order dated 04.11.2024 has dismissed the Special Leave Petition filed by the State of Jharkhand and others. Consequently, as explained in its earlier intimation, the company is entitled to receive its capital investment subsidy and other fiscal incentives amounting to Rs. 31.00 Crores alongwith interest. Thus, the Company shall now initiate the process to realize the said subsidy and other fiscal incentives from the State of Jharkhand. |
| 2 | In the case of litigation against key management personnel or its promoter or ultimate person in control, regularly provide details of any change in the status and / or any development in relation to such proceedings: | Not applicable |
| 3 | In the event of settlement of the proceedings, details of such settlement including – terms of the settlement, compensation/ penalty paid (if any) and impact of such settlement on the financial position of the listed entity: | Not applicable |