Medico Remedies Limited has secured a significant legal victory as the Bombay High Court quashed show cause notices issued by the GST Authority, effectively nullifying a GST demand of Rs 2.94 crore for the financial years 2017-18, 2018-19, and 2019-20.

Legal Proceedings and Outcome

The company had filed Writ Petition no.10974 of 2025 challenging the show cause notice issued by the Directorate General of Goods & Services Tax Intelligence, Office of the Pr. Additional Director General, Mumbai. The High Court's decision to quash the notices comes as a relief to Medico Remedies, as it eliminates the potential financial burden that the GST demand would have imposed.

Financial Implications

According to the company's disclosure, the court's decision results in no financial impact on Medico Remedies. The potential liability of Rs 2.94 crore, which could have affected the company's finances for three fiscal years, has been averted due to this favorable legal outcome.

Company's Response and Commitment

In its regulatory filing, Medico Remedies acknowledged a delay in disclosing the initial show cause notice, stating that it was inadvertently missed. The company has committed to ensuring timely disclosures in the future, emphasizing its dedication to maintaining transparency with investors and regulatory bodies.

Regulatory Compliance

The company made this disclosure in compliance with Regulation 30 of SEBI Listing Regulations, read with Master Circular No.SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. This adherence to regulatory requirements demonstrates Medico Remedies' commitment to keeping shareholders and the market informed about significant legal and financial developments.

This legal victory not only removes a substantial financial uncertainty for Medico Remedies but also reinforces the importance of due process in tax-related matters for businesses operating in India's pharmaceutical sector.

Medico Remedies Limited , a prominent player in the pharmaceutical industry, has announced significant changes to its leadership structure and board composition. The company's Board of Directors approved several key appointments and continuations during a meeting held on July 30, 2025.

Managing Director Re-appointment

Mr. Harshit Mehta has been re-appointed as the Managing Director of Medico Remedies for a further period of three years, effective from September 17, 2025. This decision, subject to shareholder approval at the upcoming Annual General Meeting (AGM), reflects the company's confidence in Mr. Mehta's leadership. With over 15 years of experience in handling the company's Marketing and Export departments, Mr. Mehta brings valuable expertise to his role. He holds a Bachelor's Degree in Pharmacy from the University of Mumbai and a Diploma in Family Business Management from S P Jain Institute, Mumbai.

Continuation of Chairman & Whole-Time Director

In a move that underscores the company's commitment to experienced leadership, the Board has approved the continuation of Mr. Haresh Mehta as Chairman & Whole-Time Director. This decision comes as Mr. Mehta approaches his 70th birthday on August 17, 2025. As a founding member of Medico Remedies, Mr. Mehta oversees the Financial and Legal departments and brings over 45 years of experience in the pharmaceutical industry to his role. His continued leadership is subject to shareholder approval at the forthcoming AGM.

New Addition to the Board

The Board has appointed Mr. Maheshkumar Darji as an Additional Executive Director, effective from the date of allotment of his Director Identification Number (DIN). Mr. Darji, who currently serves as the General Manager of the company's Palghar plant, brings 20 years of pharmaceutical industry experience to the board. His appointment, which is subject to shareholder approval, is expected to strengthen the company's operational expertise at the board level.

Changes in Secretarial Audit

Medico Remedies also announced changes in its secretarial audit position. Mr. Haresh Sanghvi has resigned as the Secretarial Auditor due to medical reasons, effective July 30, 2025. To fill this vacancy, the Board has appointed Ms. Shreya Shah as the new Secretarial Auditor for a five-year term from FY 2025-26 to FY 2029-30, subject to shareholder approval at the upcoming AGM. Ms. Shah, a member of the Institute of Company Secretaries of India, brings over 10 years of experience in corporate law and compliance matters.

Upcoming Annual General Meeting

The Board has approved the notice for Medico Remedies' 31st Annual General Meeting, where shareholders will have the opportunity to vote on these significant leadership changes and appointments.

These strategic moves by Medico Remedies demonstrate the company's focus on maintaining strong leadership while also bringing in fresh perspectives to guide its future growth in the competitive pharmaceutical sector.