1 week ago
Symbiotec Pharmalab IPO Discloses Rs 1,507.92 Million Legal Claims
Symbiotec Pharmalab is offering shares to the public through an IPO.
Its IPO is valued at Rs 1,757 crore, and each share is priced between Rs 938 and Rs 988.
The company’s filing says it is involved in several legal cases.
These include tax matters and one important civil case.
The total amount involved in cases against the company is Rs 1,507.92 million.
Some cases also involve its directors, subsidiaries and promoters.
One subsidiary is challenging a land-planning decision in the High Court of Madhya Pradesh.
The company warns that losing these cases could hurt its business, finances and reputation.
Symbiotec Pharmalab’s Rs 1,757 crore IPO opened Monday and closes August 27, with a price band of Rs 938-988 per share.
The company’s DRHP discloses six tax proceedings, one material civil litigation and one criminal proceeding filed by the company.
The aggregate amount involved in proceedings against the company is Rs 1,507.92 million.
Legal proceedings also involve the company’s directors, subsidiaries and promoters, including criminal, tax and civil cases.
Subsidiary Knovea Pharmaceutical is challenging the Draft Pitampura Master Plan, 2035 and related land notifications before the High Court of Madhya Pradesh.
- Who
- Symbiotec Pharmalab, its directors, subsidiaries and promoters.
- What
- The company’s DRHP disclosed multiple pending legal proceedings while its Rs 1,757 crore IPO was open for subscription.
- Where
- The proceedings are pending before various courts and authorities; Knovea Pharmaceutical’s civil litigation is before the High Court of Madhya Pradesh.
- When
- The IPO opened on Monday and is scheduled to close on August 27; the year is not specified. The High Court orders cited are dated April 6, 2023, and August 22, 2023.
- Why
- The disclosures are included in the DRHP to describe pending legal risks and their potential effect on the company.
Key facts
- IPO size
- Rs 1,757 crore
- IPO price band
- Rs 938-988 per share
- Subscription period
- Opened Monday and closes August 27; year not specified
- Proceedings against company
- Six tax proceedings, one material civil litigation and one criminal proceeding filed by the company
- Aggregate amount against company
- Rs 1,507.92 million
- Directors’ proceedings
- Two criminal proceedings and 11 tax proceedings involving directors excluding promoters; aggregate amount of Rs 4.12 million
- Subsidiary litigation
- Knovea Pharmaceutical Private Limited has a pending writ petition concerning the Draft Pitampura Master Plan, 2035 and related land notifications
Sources
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