Poly Medicure Limited has received an order from the Office of Divisional Commissioner, Government of the NCT of Delhi, Revenue Department, through the Collector of Stamps, imposing alleged deficit stamp duty and penalty in connection with issuance and allotment of certain shares under the Indian Stamp Act, 1899. The order was passed on June 15, 2026 and received by the company on the same evening.
The authority has adjudged the company liable to pay alleged deficit stamp duty of Rs 1.00 crore along with a penalty of Rs 1.50 crore. The proceedings were initiated through show cause notices dated February 18, 2026 and March 17, 2026, relating to share allotments made on November 1, 2021 and August 4, 2022.
The order covers share allotments purportedly made on August 2, 2022, January 31, 2024, March 8, 2024 and August 5, 2024, going beyond the scope of the original show cause notices. The authority has taken the position that payment of stamp duty through depositories such as NSDL and CDSL at the applicable rate at the time of allotment does not discharge the company's alleged statutory liability under the law applicable in NCT of Delhi.
Poly Medicure has contended that it had duly discharged the applicable stamp duty on the subject share allotments and that the proceedings under Article 19 of Schedule IA to the Indian Stamp Act were not maintainable in view of Sections 9A(2) and 9A(3) of the Act. Based on legal advice, the company believes the order suffers from significant jurisdictional and procedural infirmities and is pursuing appropriate legal remedies challenging the order.
The company does not expect any material impact on its financial, operations or other activities from the order.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.