Shalby Limited announced the settlement of arbitration proceedings with Dr. Viral Shah and Dr. Praveen Saxena. The disputes were disposed of with no financial impact.
Shalby Limited received an order from the ITAT, Ahmedabad, demanding ₹4.14 Crore. The demand relates to a pre-demerger tax dispute involving share premiums disallowed under Section 68. The company intends to contest the order at appropriate forums and reasonably expects a favorable outcome.