Amara Raja Energy & Mobility Limited has informed the Exchange about Action(s) taken or orders passed
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Amara Raja Energy & Mobility has disclosed two tax-related orders to the exchanges. First, the Deputy Commercial Tax Officer in Erode, Tamil Nadu issued an order under Section 129(3) of the CGST/TNGST Act for a mismatch between the 'Bill-to' address in a tax invoice and the customer's registered place of business, imposing a penalty of Rs. 28.44 lakhs which the company says it will recover from the contractor and appeal. Second, the Deputy Commissioner of Income Tax in Tirupati raised a demand of Rs. 15.27 crores (including interest of Rs. 1.79 crores) under Section 143(1) read with Section 170A for assessment year 2023-24, related to a return filed pursuant to an NCLT-approved scheme of arrangement. The company believes there are infirmities in this order, plans to file an appeal and rectification, and states there is no material financial or operational impact from either order.
Both orders are being contested by the company through appeals, and management has stated there is no material impact on financials, operations, or other activities. Shareholders should note the tax demand of Rs. 15.27 crores is significant but disputed, so near-term stock impact is likely limited unless the appeals fail.