SG Mart Limited receives stamp duty order of ₹1.89 Crore from Delhi authorities
SG Mart Limited received orders from the Delhi Collector of Stamps for ₹1.89 Crore, including stamp duty of ₹88.39 Lakh and penalty of ₹1.01 Crore. This is related to share issuance in dematerialized form for FY24-FY26. The company has filed a writ petition in the Delhi High Court, and the impact is pending the outcome.
The order involves a substantial sum of ₹1.89 Crore, which could impact the company's finances. However, the company has initiated legal proceedings, and the final impact is contingent on the court's decision, making it a medium-term concern.
The company has received an order for a significant amount of stamp duty and penalty, which is a negative development. Although the company is contesting it, the immediate financial implication and potential legal costs are negative.
SG Mart Limited (formerly Kintech Renewables Limited) has received orders from the Collector of Stamps, Government of NCT of Delhi, concerning the adjudication of stamp duty related to the issuance of shares in dematerialized form. The orders, dated May 26, 2026, and received on May 27, 2026, were issued under Sections 33, 38, and 40 of the Indian Stamp Act, 1899.
The company has been directed to pay a stamp duty liability of ₹88,38,990 along with a penalty of ₹1,01,00,000, aggregating to ₹1,89,38,990. This pertains to the issuance of shares in FY 2023-24, FY 2024-25, and FY 2025-26.
The issue arose from a circular issued in 2025 by the Delhi Revenue Department, which disputed the stamp duty rate applicable to dematerialized shares under the Indian Stamp Act, as amended by the Finance Act, 2019. SG Mart Limited asserts that it had paid the stamp duty in accordance with Section 9A(1) read with Article 56A of the Indian Stamp Act, 1899, through the prescribed depository mechanism.
The company has filed a writ petition before the Hon'ble High Court of Delhi regarding this matter, and the proceedings are currently under judicial consideration. The full impact of the order can only be assessed based on the outcome of this writ petition.
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