Bhagyanagar India Limited has informed the Exchange that the company has received show cause notice.
BHAGYANGR · price
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Bhagyanagar India Limited received a show cause notice from the Directorate General of Goods and Service Tax Intelligence (DGGI), Hyderabad Zonal Unit, dated 26th May 2026. The notice alleges irregular availment of Input Tax Credit (ITC) under the Central Goods and Services Tax Act, 2017. DGGI has proposed a tax liability of Rs. 17.50 Crores along with applicable interest on both the company and its Managing Director, Shri Devendra Surana. The company has already paid Rs. 17.50 Crores under protest. The company states there is no impact on its financial or operational activities and plans to file a reply before the prescribed deadline, believing the facts and legal precedents are in its favour.
The Rs. 17.50 crore tax demand is a material liability, though already paid under protest. The notice targets both the company and its Managing Director personally, which raises governance concerns. The outcome of the response and any subsequent proceedings will determine whether there is a lasting financial or reputational impact.