Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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The company received a tax demand order from Deputy Commissioner of State Tax, Nodal-3, Pune dated 31st March 2026. The total demand is Rs. 74.89 crore comprising tax of Rs. 31.04 crore, interest of Rs. 36.09 crore, and penalty of Rs. 7.76 crore. The demand relates to MVAT rate applicable on sale of Natural Gas to a subsidiary company. The company states there is NO violation or contravention as the department erroneously levied 13.5% MVAT rate instead of the applicable 3% rate. The company considers the demand untenable and plans to challenge it at an appropriate forum. The company states there is no material impact on financials, operations or other activities.
While the demand amount is significant at Rs. 74.89 crore, the company claims no material impact and intends to contest the order. The stock may see minor negative reaction due to the penalty amount disclosed, but management's confidence and lack of violation finding could limit downside.