Apollo Tyres Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
APOLLOTYRE · price
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Apollo Tyres has won its appeal at the Central Excise and Service Tax Appellate Tribunal (CESTAT) in a long-running excise duty dispute involving Rs. 3,016 million. The tribunal ruled in favour of the company, holding that the excise duty paid by Apollo Tyres on transaction value is valid. It rejected the excise department's claim that duty should be calculated on MRP (Maximum Retail Price) instead. This is an update to a prior intimation from August 14, 2023, and no settlement or penalty has been paid. The company did not have to part with any compensation as part of this outcome.
Positive for shareholders — the company has successfully defended a Rs. 301.6 crore tax claim, avoiding a potentially large additional excise duty liability. This removes a long-pending overhang and supports the company's financial position, though the exact cash flow benefit depends on already-deposited amounts and refunds.