Income Tax Department's Equity Shares, Properties Seized: Yatharth Hospitals Denies New Developments

Mumbai, December 19, 2024 - In a filing with the stock exchanges, Yatharth Hospitals and Trauma Care Services Limited (Yatharth Hospitals) has clarified that there have been no fresh updates on the ongoing income tax issue amidst reports of the seizure or freezing of its equity shares and properties by the Income Tax Department.

The company stated that it had previously disclosed relevant information to the exchanges, including a provisional attachment and the use of ₹6.23 crore from the pledged amount by the Income Tax Department. Yatharth Hospitals reiterated that they wish to emphasize there is no pending information or announcement regarding the income tax issue as of this date.

According to the filing, Yatharth Hospitals cooperated with the authorities in resolving the matter without anticipating any material financial or operational liabilities arising from these proceedings. The company mentioned that it had disclosed two key updates to the stock exchanges, including the use of ₹6.23 crore from a previously pledged amount as allowed by the Qualified Institutional Placement (QIP) process.

As of Thursday's trading session, shares of Yatharth Hospitals ended 6% lower at ₹457, amidst market speculation on the income tax issue. It remains to be seen how this news might impact the company's stock price in the coming sessions.

Yatharth Hospitals' stance indicates that it is actively working with the Income Tax Department to resolve the matter and minimize any financial or operational liabilities. As the investigation unfolds, investors and stakeholders are keeping a close eye on the developments.