Regulation 30 pf the SEBI (LODR) Regulations,2015 to informed you that the company has received a show cause notice from GST Department.
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Active Clothing Co Ltd has informed the stock exchanges that it received a show cause notice from the Joint Commissioner of CGST (Audit), Ludhiana, covering the audit period from FY2019-20 to FY2023-24. The notice involves a tax demand of Rs. 4.17 crore, plus applicable interest and penalty. The company has filed a Civil Writ Petition before the Hon'ble High Court seeking to quash the order, and the matter is currently pending. The company has stated that the impact on its financials, operations, or other activities is nil.
Shareholders should note a potential tax liability of Rs. 4.17 crore plus interest and penalty, though the company is contesting it in the High Court. Since the matter is sub-judice and the impact is stated as nil, near-term stock movement is likely to be limited, but any adverse court ruling could become a material concern.