SG Mart Limited has secured an interim stay from the Hon'ble High Court of Delhi regarding the stamp duty demand of ₹1.89 crore issued by the Office of the Collector of Stamps, Government of N.C.T. of Delhi. The court's order on May 29, 2026, stays the operation of the impugned orders dated May 26, 2026, subject to the company depositing 50% of the total demand, amounting to ₹95.80 lakhs, within one month. This development follows the company's writ petition challenging the demand, which arose from a dispute over the applicable stamp duty rate for dematerialized shares issued across FY 2023-24, FY 2024-25, and FY 2025-26.

The original demand, received by the company on May 27, 2026, determined a liability of ₹88,38,990 along with a penalty of ₹1,01,00,000. The authorities passed orders under Sections 33, 38, and 40 of the Indian Stamp Act, 1899. SG Mart maintained that it had paid the stamp duty on these issuances in accordance with Section 9A(1) read with Article 56A of Schedule I of the Indian Stamp Act, 1899, through the depository mechanism prescribed by the Central Government.

Legal Proceedings

The dispute originated from a circular issued during 2025 by the Additional District Magistrate, Collector of Stamps, Revenue Department, Delhi. Following the receipt of the demand orders, SG Mart filed a writ petition before the Hon'ble High Court of Delhi. During the hearing on May 29, 2026, the court granted the interim stay on the condition of the partial deposit. The proceedings are currently under judicial consideration.

Financial Impact

While the immediate enforcement of the demand has been stayed, the company is required to deposit ₹95.80 lakhs within a month. SG Mart stated that the final financial impact of the order will be assessed based on the outcome of the writ petition. The disclosure regarding the court's stay was made to the exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In a regulatory filing dated April 3, 2026, SG Mart promoter Dhruv Gupta submitted a disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, declaring that no encumbrance has been created over the shares of SG Mart Limited during the Financial Year 2025-26. The declaration confirms that neither the promoter nor any other member of the Promoter/Promoter Group and/or Person Acting in Concert (PAC) has made any such encumbrance, directly or indirectly, other than those already disclosed, if any.

Promoter and Promoter Group Details

The disclosure identifies the members of the Promoter and Promoter Group of SG Mart Limited covered under this declaration. The following individuals are listed:

Regulatory Compliance

The filing was made in compliance with Regulation 31(4) of the SEBI (SAST) Regulations, which mandates promoters to declare, on an annual basis, whether any encumbrance has been created over their shareholding in the company. In accordance with Regulation 31(5) of the same regulations, the promoter has also requested the company to place this disclosure before the ensuing Audit Committee Meeting.

The disclosure was submitted to both the National Stock Exchange of India Limited and BSE Limited, and a copy was also forwarded to the Company Secretary and the Audit Committee of SG Mart Limited at its registered address at H No. 37, Ground Floor, Hargovind Enclave, Vikas Marg, East Delhi, Delhi, India – 110092.