Delta Corp, a prominent Casino major, witnessed a surge of 5 percent in its shares on October 25 following interim relief granted by the Bombay High Court at Goa. The court’s ruling came in response to writ petitions filed by Delta Corp and its subsidiaries, contesting income tax show-cause notices. The court order prohibits authorities from making definitive decisions without prior court approval, ensuring a fair legal process.
As per the regulatory filing, specific dates have been set for the completion of pleadings, hearings, and the final disposal of the writ petitions, outlining a structured legal course for Delta Corp and its subsidiaries.
The stock, which had faced significant pressure after receiving a direct tax notice of Rs 11,140 crore on September 22, saw a positive upswing in response to the court’s decision. Notably, subsidiaries of Delta Corp, including Casino Deltin Denzong, Highstreet Cruises, and Delta Pleasure Cruises, were also served notices totaling Rs 5,682 crore.
As of 11:41 AM the shares were surging 2.54% higher, at ₹133.30
The casino and online gaming sectors had been under pressure due to the GST Council’s announcement of a 28 percent tax levy on the entire face value of chips purchased for playing. The interim relief from the Bombay High Court offers a respite to Delta Corp, reflecting positively in the market with the stock trading at Rs 134.30, nearly 3 percent higher than its previous closing on October 23.
