Syngene International has announced that its board of directors will convene on January 22 to consider the company's third quarter financial results. The healthcare sector company will review its Q3 performance during this scheduled meeting.

Board Meeting Details

The upcoming board meeting represents a standard quarterly review process for the publicly listed company. During this session, the board will examine the financial performance and operational metrics for the third quarter period.

Corporate Governance

This announcement aligns with standard corporate governance practices for listed companies, where quarterly results are regularly reviewed and approved by the board of directors before public disclosure. The meeting will provide stakeholders with insights into the company's third quarter operational and financial performance.

Investors and market participants will be awaiting the outcomes of this board meeting to understand Syngene International's quarterly performance metrics and business developments during the review period.

Syngene International has secured a significant legal victory in its ongoing tax litigation, with the High Court of Karnataka passing a favorable order on December 17. The pharmaceutical services company announced this development through a regulatory filing dated December 30.

Court Order Details

The High Court of Karnataka has allowed the writ petition filed by Syngene International against income tax authorities. The case pertained to issues related to assessment years 2010-11, 2011-12, and 2012-13, involving a substantial refund amount.

Background of the Dispute

The company had filed the writ petition against specific actions by income tax authorities. The dispute centered around two main issues:

• Adjustment of refund granted for assessment years 2010-11 and 2011-12 against demand outstanding for other years
• Non-issuance of refund granted for assessment year 2012-13

The total amount involved in this tax litigation aggregated to ₹48,90,84,008.

Court's Direction

The High Court has provided clear directions to resolve the matter in favor of Syngene International. The court has directed income tax authorities to refund the amount along with interest, subject to verification. Notably, no penalties, restrictions, or sanctions have been imposed in the current order.

Financial Impact Assessment

Syngene International has stated that it believes there may not be any material impact on the company's financials, operations, or activities as a result of this favorable order.

Next Steps

The company is currently analyzing the court order and will take appropriate action as required. This development represents an update to the company's previous intimation dated October 16, regarding the filing of the writ petition before the High Court of Karnataka.

The favorable court ruling strengthens Syngene International's position in this tax matter and provides clarity on the refund process for the specified assessment years.