Novartis India Limited has officially announced a Board of Directors meeting scheduled for May 12, 2026, to review and approve the company's audited financial results for the fourth quarter and full financial year ended March 31, 2026. The announcement was made through a formal communication to BSE Limited on March 31, 2026, in compliance with regulatory requirements.

Board Meeting Details

The pharmaceutical company has scheduled the board meeting in accordance with Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting will focus on considering and approving the audited financial results for Q4FY26.

Trading Window Closure

In connection with the upcoming board meeting, Novartis India Limited has announced the closure of its trading window for designated persons, insiders, connected persons, and their immediate relatives. This measure ensures compliance with insider trading regulations and maintains market integrity.

Corporate Governance and Compliance

The trading window closure is implemented pursuant to the company's 'Code of Conduct to regulate, monitor and report share trading by Designated Persons/Insiders/Connected Persons and their immediate relatives.' This code operates in conjunction with the applicable provisions of the SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended.

The communication was digitally signed by Chandni Maru, Company Secretary and Compliance Officer, emphasizing the company's commitment to maintaining transparency and regulatory compliance in its corporate governance practices. The company is headquartered at Inspire BKC, 7th Floor, Bandra Kurla Complex, Bandra East, Mumbai.

Novartis India Limited has received a significant procedural development in its ongoing tax dispute, with the Delhi High Court admitting the company's writ petition challenging a DVAT assessment for the assessment year 2013-14.

Court Proceedings and Case Details

The Delhi High Court issued an order dated March 27, 2026, admitting Novartis India's petition in the matter of Novartis India Limited vs. Commissioner of Trade and Taxes (W.P.(C) 3892/2026). The company filed this writ petition to direct the respondents to complete proceedings initiated for FY 2013-14 within the prescribed time.

Financial Implications of the Assessment

The DVAT assessment under challenge involves substantial financial implications for the pharmaceutical company. The original demand raised by the tax authorities includes both primary tax obligations and penalty components.

Potential Outcomes and Impact

The company has outlined two possible scenarios based on the final court decision. In case of a favorable order, the Commissioner of Trade and Taxes would need to follow guidelines and complete proceedings within prescribed timelines, potentially resulting in a refund of ₹54.45 lakh to the company.

Conversely, if the order proves unfavorable, Novartis India states there would be no financial impact as the pre-deposit amount is fully provided for in the company's books. This indicates prudent financial planning and risk management by the pharmaceutical manufacturer.

Regulatory Compliance and Disclosure

The disclosure was made in accordance with Regulation 30 read with Schedule III Para B sub-para 8 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has committed to providing updates to stock exchanges on any further developments in this matter as they occur.

Company Secretary and Compliance Officer Chandni Maru signed the disclosure document, ensuring proper regulatory compliance and transparency with stakeholders regarding this ongoing legal proceeding.