Shares of Siemens Ltd were trading marginally up on 25 October after the company announced that it had filed a written petition before the Bombay High Court against the show-cause notice issued under Section 73 of the GST Act 2017.

The company has received a notice pertaining to the levy of GST on the leasehold interest for land in Worli, Mumbai, and the freehold interest in the building on the property. The tax and interest associated with the show-cause notice amount to Rs 245.9 crore.

In its regulatory filing, the company said, “The company is legally advised that it has a strong case to defend the matter.”

The parties involved on the opposite side of this legal dispute are the Department of Revenue, the Ministry of Finance, the State of Maharashtra, which is represented by the Commissioner of State Tax and the Department of Registration and Stamps, and the Deputy Commissioner of State Tax from Belapur-502, Raigad Division, Navi Mumbai, who holds the power of issuing the show-cause notice.

The shares of German engineering and technology conglomerate Siemens Ltd have plunged more than 8% on the NSE in the last month.

At 10:48 am, the shares of Siemens Ltd were trading 0.35% above at Rs 3,426.55 on NSE.