Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Awaiting price reaction for this filing.
Kalpataru Projects International Limited (KPIL) received a GST order on 15th May 2025 from the GST Authority under Section 74 of the State GST Act, 2017. The order pertains to the erstwhile JMC Projects (India) Limited, which has since been amalgamated with KPIL, for alleged wrong availment of Input Tax Credit in FY 2018-19. The Authority has demanded a penalty of INR 10.96 lakhs. The Company has stated it has a strong case to defend, as the order was passed without considering documentary evidence submitted, and plans to file an appeal before the Appellate Authority within prescribed timelines.
The penalty amount of INR 10.96 lakhs is immaterial and the Company has confirmed no significant impact on financials or operations. The stock is unlikely to be materially affected; however, investors may note the ongoing GST compliance matters related to the JMC amalgamation.