Disclosure Under Regulation 30 of the SEBI (LODR) Regulation, 2015
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Awaiting price reaction for this filing.
Candour Techtex has received an adjudication order from the Additional Commissioner of CGST & Central Excise, Palghar Commissionerate, dated 3 February 2025, levying a penalty of Rs. 1,02,29,643 (approximately Rs. 1.02 crore) under Section 122(1)(vii) of the CGST Act, 2017 for alleged wrongful availment of Input Tax Credit. The company has called the order 'perverse' based on legal advice from its solicitors and is in the process of filing a writ petition before the Bombay High Court to obtain a stay. The disclosure itself was delayed because management was seeking legal interpretation and consulting its Executive Directors before deciding on the appropriate course of action.
This is a negative regulatory event with a quantifiable financial impact of roughly Rs. 1.02 crore in potential cash outflow if the order holds. Shareholders should expect short-term overhang on the stock until the Bombay High Court stay petition outcome is known, though the company's stated plan to contest the order may limit the downside if relief is granted.