The relevent disclosure is attached.
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Awaiting price reaction for this filing.
Fortis Malar Hospitals received a Show Cause Notice from the State Tax Officer (Group X), Chengalpattu Intelligence Division, Tamil Nadu for the GST period April 2018 to March 2019, originally seeking INR 4,176.41 Lakhs. After the Company submitted its response, the GST Authority passed an order reducing the demand to just INR 1.14 Lakhs (including interest of INR 0.42 Lakhs and penalty of INR 0.36 Lakhs). The show cause notice for the balance amount has been dropped. The final financial implication is approximately INR 1,14,360, which is negligible compared to the original demand.
This is a strongly positive outcome for shareholders, as the potential tax liability has been slashed from over INR 41 crore to just about INR 1.14 lakh, effectively eliminating a major contingent liability risk.