Norris Medicines Limited has secured a significant legal victory with the Bombay High Court allowing its criminal appeal and setting aside a substantial deposit requirement. The pharmaceutical company informed the stock exchange about this favorable court ruling on December 11, 2025.

Court Ruling Details

The Bombay High Court's Criminal Appellate Jurisdiction delivered its order on November 19, 2025, allowing Criminal Appeal No. 89 of 2020 filed by Norris Medicines Limited. The appeal challenged a previous order passed under Section 8 of the Maharashtra Protection of Interest of Depositors (MPID) Act.

Legal Background and Implications

The original order under Section 8 of the MPID Act had directed the company and its director to deposit ₹1,32,92,359 along with simple interest at 18% per annum. However, the High Court's recent ruling has rendered this requirement infructuous.

The court's key observation centered on the outcome of MPID Special Case No. 3 of 2003, which resulted in acquittal. Based on this acquittal, the High Court determined that the order passed under Section 8 of the MPID Act could not be sustained, leading to the appeal being allowed and the deposit requirement being set aside.

Regulatory Compliance

Norris Medicines Limited has disclosed this development in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has indicated that a copy of the court order may be provided to the exchange upon request.

This legal victory eliminates a significant financial obligation for the company and resolves a long-standing legal matter that had been pending since 2020.

Norris Medicines has released its unaudited financial results for the quarter ended September 30, 2025, revealing ongoing operational challenges for the pharmaceutical company.

Financial Performance

The company reported a net loss of Rs 102.86 lakhs for the second quarter of the fiscal year 2025-26. This loss comes alongside revenue from operations of Rs 200.04 lakhs for the same period. The financial position of Norris Medicines shows signs of strain, as evidenced by the following key metrics:

The negative other equity of Rs 2,582.19 lakhs indicates significant accumulated losses, potentially raising concerns about the company's financial health.

Board Approval and Disclosure

The Board of Directors of Norris Medicines convened on November 14, 2025, to review and approve the unaudited financial results. The meeting, which began at 5:00 PM and concluded at 5:30 PM, resulted in the approval of the financial statements for the quarter and half-year ended September 30, 2025.

Regulatory Compliance

In adherence to SEBI regulations, particularly Regulation 30 & 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the company has submitted its financial results to the Bombay Stock Exchange. The results were accompanied by a Limited Review Report from the company's auditors, as required by regulatory standards.

Outlook

The continued losses and negative equity position suggest that Norris Medicines may face challenges in the near term. The pharmaceutical sector often faces various challenges, including regulatory pressures, market competition, and operational costs. Norris Medicines' current financial situation underscores the importance of effective management strategies to navigate these industry-specific hurdles.

As the company moves forward, addressing the underlying causes of its financial difficulties and exploring opportunities for revenue growth and cost optimization will be crucial for its long-term sustainability and potential return to profitability.