Lemon Tree Hotels Limited's subsidiary, Hyacinth Hotels Private Limited, received a Rs. 0.46 Crore tax and penalty demand from GST authorities. The order relates to reverse charge mechanism services for FY 2019-20 to 2023-24. The company is evaluating legal remedies and expects no material financial impact beyond the specified amount.
Swan Defence and Heavy Industries Legal & Regulatory
Swan Defence and Heavy Industries Limited received an NCLT order regarding its merger with Triumph Offshore Private Limited. The tribunal directed a meeting of Swan's equity shareholders on May 25, 2026, while dispensing with meetings for Triumph's shareholders and both companies' creditors.
Pitti Engineering Limited announced that the NCLT, Hyderabad Bench, has approved the dispensation of meetings for shareholders and creditors regarding its merger with wholly-owned subsidiaries Pitti Industries and Dakshin Foundry. The order, pronounced on April 10, 2026, advances the amalgamation process. This regulatory milestone simplifies the corporate structure and aims to generate operational synergies.
Skyline Ventures India Limited filed an FIR against former directors Mr. Prashanth Mitta and Ms. Asha Mitta for alleged fraud involving siphoning of funds and falsification of records. The estimated financial impact is approximately ₹12.23 Crore. The company has also been pushed toward potential insolvency proceedings by connected entities following the rejection of financial statements by shareholders.
RSWM Limited received an order from the Rajasthan High Court disposing of its appeal regarding a ₹11.07 Crore electricity duty levy on solar captive consumption. The company is evaluating the order with counsel for further appeal. The amount is currently treated as a contingent liability in the company's books.
Hubtown Limited received an NCLT order dated April 09, 2026, regarding its proposed merger with Saicharan Consultancy Private Limited. The tribunal directed the company to convene meetings for equity shareholders and unsecured creditors to approve the scheme. This consolidation aims to increase Hubtown's stake in its subsidiary, Rare Townships Private Limited.
NCL Industries Ltd reported a fine of Rs. 54,280 (inclusive of GST) levied by NSE for delayed filing of shareholding patterns for Q3 FY2025. The Board has reviewed the matter and emphasized strict adherence to SEBI LODR regulations to prevent future regulatory non-compliance.
Music Broadcast Limited received a ₹0.09 Crore (Rs. 8,71,476) income tax demand order for Assessment Year 2019-20. The order, issued by the Assistant Commissioner of Income Tax, Mumbai, was received via email on April 13, 2026. The company is currently evaluating the impact and its next course of action with advisors.
Munjal Showa Ltd received an income tax demand notice and penalty order totaling ₹0.37 Crore for assessment year 2015-16. The penalty relates to disallowed MAT credit and alleged inaccurate particulars. The company intends to challenge the order before the Commissioner of Income Tax Appeals.
Travel Food Services Limited received a Delhi High Court order setting aside a 2022 arbitral award previously won against the Airport Authority of India. The court declared the arbitrator's appointment 'void ab initio', rendering the award a nullity. The company is evaluating legal options to safeguard its interests regarding its Goa Airport operations.
Shiva Texyarn Ltd announced that the Hon'ble High Court of Mumbai has set aside an arbitration award involving M/s. Louis Dreyfus Company India Pvt. Ltd. The ₹1.44 Crore dispute was resolved through a mutual compromise agreement and consent terms. Consequently, the petition stands disposed of, concluding the litigation.
Ola Electric Mobility Limited announced that the High Court of Bombay at Goa has quashed orders and a bailable warrant previously issued against its CEO by the South Goa District Consumer Commission. The Court ruled that the Commission exceeded its jurisdiction. This legal update resolves a prior intimation dated February 17, 2026.
Exicom Tele-Systems Ltd received a favourable order from the Court of the Joint Commissioner (Appeal), Uttarakhand, setting aside a prior ₹0.90 Crore GST penalty. The matter stands resolved in favour of the company with no financial impact. This concludes a dispute originally disclosed in October 2025.
The PMLA Adjudicating Authority has confirmed the provisional attachment of assets worth approximately ₹8,078 Crore belonging to Reliance Communications and its subsidiaries. This confirms orders issued in late 2025 relating to investigations by the Directorate of Enforcement. The company is currently seeking legal advice to contest these developments during its ongoing insolvency process.
Reliance Communications Limited (RCOM) informed that the Adjudicating Authority (PMLA) confirmed the attachment of properties belonging to RCOM and its subsidiaries, CPL and RRL. The orders relate to PAOs issued in late 2025 regarding various land parcels and buildings. The company, currently under CIRP, is seeking legal advice on these adverse developments.
Shalby Limited received an order from the ITAT, Ahmedabad, demanding ₹4.14 Crore. The demand relates to a pre-demerger tax dispute involving share premiums disallowed under Section 68. The company intends to contest the order at appropriate forums and reasonably expects a favorable outcome.
Somany Ceramics Limited received the First Motion Order from NCLT, Kolkata Bench, regarding the merger of three subsidiaries into itself. The tribunal directed convening meetings for the transferee company's equity shareholders and unsecured creditors on June 13, 2026. Meetings for transferor companies have been dispensed with, progressing the internal restructuring process.
The National Company Law Tribunal (NCLT), Chennai Bench, dismissed an application filed by DBS Bank against Orchid Pharma Limited. The claim involved lease rent dues during the Corporate Insolvency Resolution Process (CIRP) period. The tribunal's order, dated April 02, 2026, has no quantifiable financial impact on the company.
Elitecon International Limited received a Show Cause Notice from DGGI proposing demands totaling ₹442.29 Crore. This includes ₹221.89 Crore in taxes, ₹129.18 Crore in interest/penalties, and ₹91.22 Crore in refund recoveries. The company is currently reviewing the notice and intends to defend its position legally.
Tata Teleservices (Maharashtra) Limited received an order from TRAI imposing a Rs. 0.01 Crore penalty. The fine relates to failure in curbing Unsolicited Commercial Communications (UCC) for the quarter ending June 2024. The Company is currently reviewing the order to determine its next course of action.
ACC Limited received a GST demand order totaling ₹59.81 Crore (including interest and penalty) from the Joint Commissioner Taxpayer Services, Kerala. The demand pertains to alleged ITC discrepancies and post-supply discounts. The company intends to contest the order and does not foresee a material financial impact on its operations.
Ambuja Cements received a GST demand order of ₹19.30 Crore (including interest and penalty) from Nagpur authorities. The demand relates to alleged ineligible ITC and delayed RCM payments on mining royalty for FY 2019-20 to 2022-23. The company intends to appeal and expects no material financial or operational impact.
General Insurance Corporation of India Legal & Regulatory
General Insurance Corporation of India received a Rs. 350.47 Crore income tax demand notice for AY 2023-24 from the Income Tax Department. The company intends to appeal the order before the National Faceless Appeal Centre. Management states there is currently nil impact on financial or operational activities.
SM Auto Stamping Ltd received communication from BSE Limited regarding the waiver of a ₹0.21 Crore SOP fine. The fine, originally levied for non-compliance with SEBI Listing Regulations, was waived following a review by the Internal Regulatory Oversight and Review Group. There is no financial or operational impact on the company.
Dabur India Limited received an order imposing a ₹0.04 Crore penalty from the Addl. District Magistrate, Almora, for alleged FSSAI Act labelling violations. The company intends to appeal the order before the 1st Appellate Authority, stating there is no material impact on its financial or operational activities.
Bharti Airtel received an order from TRAI levying a financial disincentive of ₹0.51 Crore. The penalty relates to complaint redressal issues under consumer preference regulations for the June 2024 quarter. The company intends to contest the order and seek rectification or reversal.
Jindal Poly Films Limited informed that the NCLT issued notice regarding an intervention application filed by SEBI in a petition by minority shareholders. The company received the application and is awaiting the formal NCLT order. Management reiterated its commitment to corporate governance and compliance with all regulatory frameworks during the ongoing judicial process.
India Glycols Limited announced that the NCLT, Allahabad Bench, admitted its second motion petition regarding a Scheme of Arrangement. The tribunal directed newspaper publications and notices to authorities for representations within 30 days. The matter is listed for further proceedings on May 21, 2026.
Elitecon International Limited received a Show Cause Notice from DGGI Lucknow proposing demands totaling ₹442.29 Crore. This includes tax, interest, penalties, and refund recoveries related to GST compliance and interpretation issues. The company is reviewing the notice to take appropriate legal measures, as no final liability has been determined yet.
Gujarat State Petronet Ltd received a rectification order under Section 154 of the Income Tax Act for AY 2024-25. The order rectifies assessed income to ₹1,435 crore from the previous ₹1,683 crore. The company confirmed that there is no financial impact resulting from this rectification.
