Disclosure under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
Awaiting price reaction for this filing.
Kalpataru Projects International Limited's branch office in Mauritania received tax assessment orders on June 4, 2025 from the Directorate General of Taxes of Mauritania. The authority has demanded tax and penalty related to the reconstitution of the salary tax (ITS) base and disallowance of certain expenses for financial years 2023 and 2024, without accepting the branch's submissions during the assessment proceedings. The total penalty demanded is approximately INR 1.13 crores (~₹83.66 lakhs for FY 2023 and ~₹28.89 lakhs for FY 2024). The company has stated that it will file objections against these orders within the prescribed timelines and that the penalty does not have any significant impact on the company.
The financial impact is minimal (around ₹1.13 crores in penalties) relative to KPIL's overall scale, and the company has confirmed no significant impact. Investors should note the ongoing tax disputes in foreign jurisdictions, but the immediate effect on the stock should be negligible.