Poly Medicure Faces Legal Challenge Over Stamp Duty Imposed on Share Allotments
Poly Medicure Limited is currently pursuing legal remedies following an order issued by the Office of Divisional Commissioner, Government of the NCT of Delhi, regarding alleged deficit stamp duty connected to certain share allotments made by the company. The Order, received on June 15, 2026, has imposed a significant liability for the company.The Authority, which is the Office of Divisional Commissioner, Government of the NCT of Delhi, Revenue Department: Stamp & Registration Branch, through the Collector of Stamps, adjudicated the matter under the Indian Stamp Act, 1899. The proceedings were initiated because the Authority alleged that stamp duty was payable on the issuance and allotment of shares.
The Order mandates the payment of an alleged deficit stamp duty amounting to Rs. 1,00,25,820/- (Rupees One crore twenty-five thousand eight hundred and twenty only), along with a penalty of Rs. 1,50,00,000/- (Rupees One crore fifty Lakh only).
The disputed allotments pertain to dates such as August 2, 2022, January 31, 2024, March 8, 2024, and August 5, 2024. The company maintains that it had duly discharged the applicable stamp duty for these share allotments, contending that the proceedings initiated by the Authority were not maintainable under Section 9A(2) and 9A(3) of the Indian Stamp Act, 1899.
The financial liability resulting from the Order is detailed below:
| Financial Head | Amount (INR) |
|---|---|
| Alleged Deficit Stamp Duty | Rs. 1,00,25,820/- |
| Penalty Imposed | Rs. 1,50,00,000/- |
Poly Medicure Limited has stated that based on legal advice received by the company, the Order appears to suffer from significant jurisdictional and procedural infirmities. The company is actively pursuing appropriate legal remedies to challenge the demand raised by the authorities.
In terms of operational impact, Poly Medicure Limited does not expect any material effect on its finances or operations arising from this order as it contests the matter through legal channels.
POLYMED Stock Price Movement
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