Gateway Distriparks has received an order from the Adjudicating Authority regarding land acquisition in Jaipur, with no impact on its financials or operations.
Gateway Distriparks Limited has recently informed the stock exchanges about receiving an order from the Adjudicating Authority under the Prevention of Benami Property Transactions Act (PBPTA), 1988, New Delhi. This update has been shared pursuant to Regulation 30 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) regulations, 2015.
Details of the order and alleged contravention
The company had earlier entered into a contract to acquire approximately 9 acres of land in Jaipur with the aim of setting up an Inland Container Depot (ICD). However, the transaction was challenged by the Income Tax Department (ITD), Jaipur, under the provisions of the PBPTA Act.
The Adjudicating Authority has ordered that the restrictions on transferring or dealing with the land parcel will remain in place. This follows its provisional attachment by the Income Tax Department in the previous year.
Date of receipt and the company's stand
Gateway Distriparks received the formal order on April 24, 2025. After reviewing the order and seeking legal opinion, the company has expressed strong disagreement with the decision. It believes its case holds merit and, therefore, plans to file an appeal before the relevant appellate authorities under section 46 of the Act.
Impact on financials, operations and future course
The company has confirmed that the current order will not impact its financials, operations, or other activities. No quantifiable monetary impact has been reported at this stage. Gateway Distriparks remains confident in its position and is taking all necessary legal steps to address the matter promptly.
Stable operations amid legal proceedings
Despite the ongoing legal proceedings regarding the Jaipur land parcel, Gateway Distriparks continues to focus on its core operations with no financial or operational disruptions. The company's strong stance and plan to appeal underline its commitment to protecting shareholder interests while adhering to regulatory protocols.
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