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 Principal Commissioner of Income Tax, Bengaluru-2, confirming acceptance of its application under the Direct Tax Vivad Se Vishwas Scheme, 2024 for FY 2013-14. The settlement will result in an additional tax payment of Rs. 17.20 Crores, which has already been recorded as a one-time additional tax expense for earlier years in the FY 2024-25 profit and loss statement. The company had originally opted for this scheme in April 2025 to settle open tax litigations spanning FY 2004-05 to FY 2013-14, and applications for the remaining financial years are still under review. The company clarified that this settlement has no material impact on its operations or business activities.
Shareholders should note that the Rs. 17.20 Crore additional tax liability is already provided for in the FY 2024-25 books, so there is no new surprise charge. The resolution of this long-pending tax dispute removes an overhang on the stock, though final settlement for other years remains pending.