Elecon Engineering Company Limited has informed the Exchange about Action(s) initiated or orders passed
ELECON · price
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Elecon Engineering informed the exchanges that it has paid a penalty of ₹11,98,800 (about ₹12 lakh) under protest to obtain a release order in a GST matter. The action was taken by the Dy. Commissioner of State Tax, Enforcement Division-8, Surat, who detained one of the company's transport vehicles due to a mismatch in the 'ship to' name on the consignment. The order was received on 30th March 2026, and the formal notice reached the company on 31st March 2026. The company is yet to receive the final order in Form GST MOV-09 and intends to file an appeal for a refund before the appropriate authority. Management has stated that no material impact is foreseen on the company's financial, operational, or other activities.
The penalty amount is small and management sees no material financial or operational impact, but the matter adds to regulatory friction. The appeal outcome and any similar future GST detentions will be worth tracking for recurring compliance risk.