Delta Corp – A huge but risky opportunity

Key Information:

• Delta Corp Limited and its subsidiaries received demands for payments related to alleged tax shortfalls from the Directorate General of GST Intelligence in Hyderabad.
• The amounts involved are substantial, with Delta Corp Limited facing a demand of INR 1,11,39,61,03,423 (Rupees Eleven Thousand One Hundred and Thirty Nine Crore Sixty One Lakh Three Thousand Four Hundred and Twenty Three).
• The subsidiaries, Highstreet Cruises and Entertainment Pvt. Ltd., and Delta Pleasure Cruise Company Private Limited, also received demands for substantial amounts related to alleged tax shortfalls.

Legal Action:

• The Hon’ble High Court of Bombay at Goa considered writ petitions filed by Delta Corp Limited and its subsidiaries on October 23, 2023.
• The High Court has directed the tax authorities not to make any final decisions on these tax-related matters without the High Court’s prior permission.
• Dates have been set for completing legal processes, hearings, and the final resolution of the writ petitions.

In summary, Delta Corp Limited and its subsidiaries have received significant demands for payments related to alleged tax shortfalls, and they are currently pursuing legal action in the High Court to address this issue. The High Court has temporarily prevented the tax authorities from making final decisions until the legal process is completed. This is an important development that the company is disclosing to the stock exchanges.