Highway Infra Gains on Order; Panacea Biotec Faces GST Notice

Highway Infrastructure shares experienced a notable uptick on Tuesday, advancing by 0.57% to reach Rs 44.25, propelled by the announcement of a new project acquisition.

• Shares traded up 0.57% at Rs 44.25.
• The company secured an order valued at Rs 28.68 crore.
• Execution of this contract is slated for completion within 90 days.

In other significant corporate news, Panacea Biotec’s wholly-owned subsidiary, Panacea Biotec Pharma (PBPL), has been served a Show Cause Notice. This notice originated from the Assistant Commissioner, Goods and Services Tax (GST), Delhi, outlining alleged financial discrepancies.

Panacea Biotec Subsidiary Faces Tax Liability

The core of the notice pertains to an asserted total tax liability amounting to ₹4.06 crore. This comprehensive amount includes not only the principal tax but also accrued interest and associated penalties, as stated by the GST authorities.

• Alleged tax liability: ₹4.06 crore.
• Issued by: Assistant Commissioner, Goods and Services Tax (GST), Delhi.
• Includes: Interest, tax, and penalties.

Rushil Décor’s Auditors Will Not Seek Reappointment

Separately, Rushil Décor informed the market about a change in its audit arrangements. The company’s existing Statutory Auditors, Pankaj R. Shah, have formally indicated their unwillingness to continue their tenure.

Pankaj R. Shah will not be seeking reappointment for a second term as the statutory auditors for Rushil Décor. This announcement signals an upcoming change in the company’s external audit firm, impacting its governance structure.

These varied corporate announcements, ranging from order wins to regulatory notices and auditor changes, reflect key operational and compliance events unfolding across the Indian market.