Syngene International Limited has received partial relief in a long-standing tax litigation case, with the National Faceless Appeal Centre (NFAC) ruling favorably on the company's appeal for Assessment Year 2016-17. The development was disclosed to stock exchanges on January 09, 2026, in compliance with SEBI listing regulations.

Tax Appeal Background

The tax dispute originated when the Assessing Officer passed an order under Section 143(3) of the Income-tax Act on December 27, 2018, making certain disallowances and additions that resulted in a demand of ₹72.33 crores. Syngene International subsequently filed an appeal on January 24, 2019, challenging these disallowances and additions.

NFAC Ruling and Implications

The NFAC has partially allowed Syngene's appeal and directed the Assessing Officer to verify certain claims and provide relief. The company believes there may not be any material impact on its financials, operations, or activities as a result of this order.

Current Status and Next Steps

The Assessing Officer will now pass an order giving effect to the NFAC's directions. Syngene International stated that it is currently analyzing the order and will take appropriate action as needed. The company expects the Assessing Officer's compliance with the NFAC order to result in a favorable adjustment to its tax position.

Regulatory Compliance

The disclosure was made in accordance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. No aberrations, non-compliances, penalties, restrictions, or sanctions were identified or imposed in the current NFAC order. The company has confirmed that all information provided is true, correct, and complete to the best of its knowledge and belief.

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.