Grindwell Norton Limited has informed the Exchange about Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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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.