Delta Corp shares in news today. Here’s why

Shares of Delta Corp Ltd, which have nosedived 40 per cent in 2023 so far, would be in focus in Wednesday's trade after the Goa Bench of Bombay High Court restrained tax authorities from passing any final order on the Rs 16,195-crore GST notice issued to the Casino operator. Delta Corp shares were, last month, battered badly after the GST Council okayed imposing of 28 per cent tax on online gaming, casinos and horse racing.

The only Indian listed company that is engaged in the casino gaming industry, along with two of its subsidiaries, later received notices for payment of tax shortfall of Rs 23,000 crore. The tax demand was made for the period between July 2017 and March 2022. The court would now hear the matter on February 5, 2024.

A total of  3,84,029 small investors owned Delta Corp stocks and accounted for 36.32 per cent stake in the company as on September 30. For the quarter, Casino Delta Corp clocked 1.6 per cent rise in consolidated profit at Rs 69.4 crore on a flattish sales growth at Rs 270.6 crore.

"Basis a statement made on behalf of the concerned tax authorities, the Hon’ble High Court has directed such authorities not to pass any final orders on the captioned show cause notices without the prior permission of the Hon’ble High Court. Dates have been fixed for completion of pleadings, and the hearing and final disposal of such writ petitions," Delta Corp told stock exchanges.

Delta Corp received a tax demand of Rs 11,139 crore while its arm Highstreet Cruises and Entertainment and Delta Pleasure Cruise Company received tax notices of Rs 3,290 crore and Rs 1,765 crore.

Goa bench of Bombay High Court asked Directorate General of GST Intelligence, Hyderabad, not to pass final orders on the tax notice without its prior permission.

The company, which operates casinos in Goa and Sikkim, and its two subsidiaries, Highstreet Cruises and Entertainment Private Limited and Delta Pleasure Cruise Company Private Limited, filed writ petitions challenging a notice dated September 27.

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