Greenply Industries Limited has informed the Exchange about Action(s) taken or orders passed in respect of Company's wholly owned subsidiary i.e. Greenply Sandila Private Limited by the Assistant Commissioner, Jurisdiction, Hardoi, Sector-3 Lucknow (A): Lucknow I, Uttar Pradesh, State/UT, Uttar Pradesh.
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Greenply Industries informed the exchange that its wholly owned subsidiary, Greenply Sandila Private Limited, received a GST order dated June 19, 2025 from the Assistant Commissioner in Lucknow for FY 2023-24. The order alleges excess claim of Input Tax Credit (ITC) based on defaults by the vendor chain, and imposes a total tax demand of about Rs. 7.98 crore, interest of Rs. 3 crore, and a penalty of Rs. 7.98 crore, taking the combined exposure to roughly Rs. 19.96 crore. The company has stated that it has fulfilled all conditions for claiming ITC and believes it has a strong case on merit. It plans to file a rectification and/or appeal within the prescribed timelines. The company has also clarified that there is no material financial or operational impact on the listed entity from this order.
This is a tax-related order against a subsidiary, not the listed parent directly, and the company has indicated no material impact. However, if the appeal fails, the combined liability of around Rs. 20 crore could affect the subsidiary's finances and become a modest overhang on Greenply Industries' consolidated earnings. Investors should watch for updates on the appeal outcome.