Parsvnath Developers Limited — Important, 09-04-2025: General Updates

The Hon'ble Supreme Court of India has ruled in favor of Parsvnath Film City Limited, a wholly owned subsidiary of Parsvnath Developers Limited, directing the Chandigarh Administration to refund an initial deposit of ₹4,775 lakhs, which represents 25% of the bid amount, along with interest at 8% per annum from the date of deposit. The administration is required to make this payment by 30.06.2025, failing which the interest rate will increase to 12% per annum. Parsvnath Film City Limited had originally deposited this amount to acquire development rights for a multi-media film city project near Chandigarh, but due to the non-availability of the land, sought the refund along with compensation and incurred costs. This development positively impacts Parsvnath's financial position and highlights potential recovery from previous investments in the project.