SEBI Show Cause Notice to Axel Polymers over GST Input Tax Credit matter
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
SEBI issued a Show Cause Notice to Axel Polymers, its non-independent directors, and other persons for alleged wrongful availment of GST input tax credit during FY2021-22 to FY2024-25. GST authorities had proposed recovery of Rs 31.57 crore in ITC along with interest and penalties. SEBI has now initiated adjudication proceedings under Section 15I of the SEBI Act, 1995. The company says there is no impact on routine operations and financial impact cannot be assessed at this stage.
Potential financial liability up to Rs 31.57 crore plus interest and penalties if adjudication goes against the company. Creates a regulatory overhang on the stock.