Shares of Delta Corp have been declining for the last six days. Recent tax notices from the corporation to three of its subsidiaries totaling Rs. 5,682 crore and Rs. 11,140 crore, respectively.
After seasoned investor Ashish Kacholia sold 15,00,000 shares in Delta Corp Ltd at an average price of Rs 144.65 through bulk deals, the company will be the subject of attention on Tuesday morning. Delta Corp Ltd recently received tax notices totaling Rs 16,822 crore from the Directorate General (DG) of GST Intelligence. Data from the June quarter show that Kacholia did not own more than 1% of the casino operator. According to the business database AceEquity, Kacholia has never previously owned a sizable investment in Delta Corp.
For the past six sessions, Delta Corp. stock has been declining. Recent tax notices from the corporation to three of its subsidiaries totaling Rs. 5,682 crore and Rs. 11,140 crore, respectively.
Former casino operator shareholders Rekha Rakesh Jhunjhunwala and late billionaire investor Rakesh Jhunjhunwala sold their shares in the business in 2022. They are no longer listed among Delta Corp. stockholders who own more than 1% of the company. However, seasoned investor Mukul Agrawal boosted his ownership of the business from 3,000,000 shares in the March quarter to 3,300,000 shares in the June quarter. In the first quarter, he owned 1.23 percent of the company, compared to 1.12 percent in the previous quarter.
The sum claimed in the DG Notice, according to Delta Corp’s exchange records, is based on the total gross bet value of all games.
played at the casinos throughout the pertinent time. A number of industry-level representations have already been made to the government regarding the demand for GST to be applied to gross bet value rather than gross gaming revenue, it stated.
The casino operator has been legally instructed, according to Delta Corp, that the DG Notice and the tax demand are arbitrary and illegal. Delta Corp said it will use every legal remedy at its disposal to contest the tax demand and any connected actions.