3M India Limited has informed the Exchange about General Updates
3MINDIA · price
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Awaiting price reaction for this filing.
3M India has received a Certificate in Form 2 from the Income Tax department under the Direct Tax Vivad Se Vishwas Scheme, 2024, settling one of its open tax disputes for FY 2011-12. The settlement requires an additional tax payment of Rs. 3.58 Crores, which will be booked as a one-time additional tax expense for earlier years in the FY 2024-25 profit and loss statement. The company had opted for this government scheme to settle tax litigations spanning FY 2004-05 to FY 2013-14, with FY 2013-14 already settled earlier and other years still under review. The company has stated there is no material impact on its operations or business activities from this settlement.
The Rs. 3.58 Crore one-time tax outflow is small relative to 3M India's overall financials and has already been provisioned in FY25 results, so share price impact should be minimal. The main benefit is incremental closure of legacy tax disputes, which reduces future legal uncertainty for shareholders.