Zaggle Prepaid Ocean Services Limited has informed the Exchange about Action(s) initiated or orders passed
ZAGGLE · price
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Zaggle Prepaid Ocean Services has disclosed an update on an ongoing tax matter related to assessment proceedings for FY 2017-18. An order dated February 25, 2025, from the Additional Commissioner of Rangareddy, Telangana, imposed a penalty of Rs 2.59 crore on the Company under the IGST Act, 2017, and Rs 2 lakh on a Director under the CGST/SGST Acts. The penalty relates to an override commission matter. The Company has filed an appeal before the Commissioner (Appeals) in Mumbai on June 2, 2025, seeking to overturn this order.
Despite the sizeable penalty, the Company has filed an appeal and does not foresee any material financial impact if the appellate authority rules in its favour. However, until the appeal is resolved, this remains an unresolved contingent liability of about Rs 2.61 crore that retail investors should monitor.