Excel Industries Limited has informed the Exchange about Action(s) taken or orders passed
EXCELINDUS · price
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On the reaction day the stock moved 1.0 pts less than Nifty Microcap 250 and 0.8 pts less than its Specialty Chemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Excel Industries Limited has received a Show Cause cum Demand Notice from the Office of the Principal Commissioner of CGST & Central Excise Audit – III, Mumbai, demanding Rs. 2.92 crore (Rs. 2,91,51,023) along with applicable interest and penalty. The notice pertains to the period FY2019-20 to FY2022-23 and primarily relates to alleged non-payment of GST under the Reverse Charge Mechanism on certain transactions and disallowed Input Tax Credit claims. The Company has stated there is no material impact on its financials or operations and believes the notice has no merit. It plans to file a detailed reply with supporting evidence within the prescribed timelines.
The financial demand of ~Rs. 2.92 crore is not deemed material by the Company, and it intends to contest the notice. Shareholders should monitor the outcome, as an adverse ruling could lead to additional interest and penalty liability, though the Company is confident of a favorable resolution.