Coral Laboratories Faces ₹2.05 Lakh Claim, Plans to Contest

HEALTHCAREBIOTECH
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AuthorAnanya Iyer|Published at:
Coral Laboratories Faces ₹2.05 Lakh Claim, Plans to Contest
Overview

Coral Laboratories Ltd has received a notice from the MSEFC, Surat, under the Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006, regarding a ₹2.05 Lakh payment dispute with M/s Power Cool Service. The company is reviewing the claim, believes it is not valid, and plans to contest it. The financial impact is currently unascertained.

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Coral Laboratories Faces ₹2.05 Lakh Payment Dispute Under MSMED Act

Coral Laboratories Ltd announced it received a notice from the MSEFC in Surat under the Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006. The notice relates to an alleged payment default of ₹2.05 Lakhs owed to petitioner M/s Power Cool Service.

Company's Stance and Financial Impact

The company is currently reviewing the matter and believes the claims are not tenable. Coral Laboratories plans to contest the notice through appropriate legal channels. The financial impact of this dispute is yet to be ascertained.

Context of the MSMED Act

The MSMED Act, 2006, was established to ensure timely payments to micro and small enterprises. It facilitates dispute resolution through councils like the MSEFC. Although the current claim is for a modest amount, contesting it will require management's attention and may incur legal costs.

Company Background

Coral Laboratories is a pharmaceutical manufacturer with domestic and export operations. In December 2024, the company faced a ₹45,000 penalty from the BSE for a delayed submission of its Limited Review Report.

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