Ather Energy Limited has informed the Exchange about the order passed by Office of the Assistant Commissioner (Tamil Nadu State tax Authority), Nungambakkam, Central-III, Chennai Central, Tamil Nadu.
ATHERENERG · price
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Ather Energy received an order on July 21, 2025 from the Assistant Commissioner (Tamil Nadu State Tax Authority), Chennai, dated July 18, 2025, dropping the proceedings initiated under Section 73 of the CGST Act, 2017 against a Show Cause Notice dated March 18, 2025. The original SCN had alleged excess input tax credit of about INR 72.8 million availed in GSTR 3B for March 2024, along with proposed interest of INR 11.8 million and penalty of INR 7.3 million. The total potential exposure was around INR 91.9 million. With the order now dropping the proceedings, the matter stands fully resolved in the company's favour. The SCN had been previously disclosed as material litigation in the company's IPO prospectus dated April 30, 2025.
Positive for shareholders — the tax demand of nearly INR 92 million (including interest and penalty) has been dropped, removing a previously disclosed material litigation risk and avoiding any financial, operational, or cash-flow impact on the company.