Grindwell Norton Limited has informed the Exchange about Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
GRINDWELL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Grindwell Norton has received two Show Cause Notices from the Deputy Commissioner of State Tax, Mumbai, proposing a total demand of ₹36.55 crores in tax, interest, and penalty for FY 2021-22. The first notice relates to material movements for job-work transactions, and the second relates to an input tax credit mismatch. The company plans to file a reply before the Adjudicating Authority and has stated there is no material impact on its financial or operational activities from these notices.
The ₹36.55 crore demand is a contingent liability at this stage — the company will contest it, and management says it won't materially affect operations. Investors should watch for updates on the adjudication outcome, as an adverse ruling could affect future earnings.