Nectar Lifesciences Limited has secured a favorable legal outcome with the Mumbai City Civil Commercial Court returning a plaint filed against the company, effectively disposing of the litigation with no liability.

Court Dismisses Suit on Jurisdictional Grounds

The Mumbai City Civil Commercial Court returned the plaint filed by Sanjay Chemicals India Private Limited on March 07, 2026, citing a lack of jurisdiction to hear the matter. The company received notification of the court's decision via email on the same date.

The plaintiff had initiated legal proceedings seeking substantial financial recovery from Nectar Lifesciences. However, the company successfully contested the suit on both jurisdictional and temporal grounds.

Financial Claims and Company's Defense

Sanjay Chemicals India Private Limited had sought recovery of significant amounts through the litigation:

Nectar Lifesciences mounted a robust defense, successfully arguing two key points that led to the favorable outcome. The company contended that the Mumbai court lacked proper jurisdiction to adjudicate the matter and that the plaintiff's claims were time-barred under applicable legal provisions.

Litigation Outcome and Financial Impact

The court's decision to return the plaint has resulted in the complete disposal of the suit with no adverse consequences for Nectar Lifesciences. The company has confirmed that there are no financial implications arising from this litigation outcome.

Regulatory Compliance

The disclosure was made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. This update follows the company's previous litigation disclosure dated October 07, 2024, ensuring stakeholders remain informed of material legal developments.

The favorable resolution eliminates potential financial exposure and demonstrates the company's effective legal strategy in defending against unfounded claims.

Nectar Lifesciences Limited has successfully completed the acquisition of Avensis Exports Private Limited (AEPL) for ₹24.96 lakh, making it a wholly-owned subsidiary effective March 06, 2026. The pharmaceutical company had initially announced the acquisition plan during its board meeting on March 02, 2026, with an estimated consideration of 2.5 million rupees.

Acquisition Completion Details

The company informed stock exchanges through a regulatory filing that the acquisition was concluded on March 06, 2026, with payment made through normal banking channels. The final consideration amount was ₹24.96 lakh for acquiring 100% paid-up equity share capital of AEPL:

Strategic Business Expansion

The acquisition enables Nectar Lifesciences to diversify beyond its core pharmaceutical operations into the real estate sector. AEPL, incorporated on October 16, 2007, operates in the real estate business with a paid-up equity share capital of ₹8.00 lakh. Despite showing zero turnover for the last three years, AEPL's land exposures and collaborations with other real estate companies are expected to help establish Nectar Lifesciences' presence in the real estate arena.

Corporate Governance and Compliance

The transaction was structured as a non-related party deal, with none of Nectar Lifesciences' directors holding shareholding or directorship positions in AEPL. Company Secretary Sanjaymohan Singh Rawat signed the regulatory disclosure, confirming compliance with SEBI LODR Regulations and the Master Circular dated January 30, 2026.

Additional Corporate Changes

Alongside the acquisition, the board had also approved changing the company's Registrar and Share Transfer Agent from KFin Technologies Limited to Alankit Assignments Limited to reduce service costs and enhance operational efficiency: