Ceigall India Limited has informed the Exchange about Action(s) initiated or orders passed Pursuant to Regulation 30 read with sub-para 19, Para A, Part A, Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that on authorisation by Additional Director, DGGI, Ludhiana Zonal Unit, Ludhiana a search was initiated & concluded on 14th May, 2025 at the Business premises of Ceigall India Limited (GSTIN-03AADCC0088NIZO) at A-898, Tagore Nagar, Ludhiana, Punjab-141001. The Company cooperated with the officials and responded to all the clarifications and details sought by them. This has not impacted the operations of the Company, which are continuing as usual.The
CEIGALL · price
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On May 14, 2025, the Directorate General of GST Intelligence (DGGI), Ludhiana Zonal Unit conducted a search at Ceigall India's business premises in Ludhiana, Punjab under Section 67 of the CGST Act, 2017. The issue relates to wrongful availment of Input Tax Credit (ITC) on IPO expenses. The total financial implication is about Rs. 2.57 crore, comprising tax of Rs. 2.05 crore, GST of Rs. 21.1 lakh, and a penalty of Rs. 30.7 lakh. The company says the error was unintentional and has started paying the dues. Operations remain unaffected.
The financial hit is modest (around Rs. 2.57 crore) and manageable, but the episode raises minor governance red flags about how IPO expenses were treated for GST purposes. Near-term stock reaction may be negative on sentiment, but no operational disruption is expected.