Intimation under Regulation 30 of SEBI (LODR) Regulation, 2015
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Awaiting price reaction for this filing.
Josts Engineering Company has received a Recovery Notice from the Deputy Commissioner of Commercial Taxes, Karnataka, under Section 79 of the CGST Rules, 2017, directing HDFC Bank to attach or block the company's bank accounts. The notice is linked to alleged unpaid GST of about Rs. 50.65 lakh owed by M/s. Paladiaon Network Private Limited, a third party. The company has clarified that it has no business relationship or financial dealings with Paladiaon Network at any point in time. Based on its GST consultants' advice, the company will file an appropriate response within the prescribed timelines. Management has stated the demand is not maintainable and does not foresee any material impact on its financials or operations.
Near-term impact on shareholers appears limited as the disputed amount is small (~Rs 50.65 lakh) and the company asserts no connection to the underlying party. However, account attachment/blocking could cause temporary operational friction until the matter is resolved, and investors should watch for updates on the company's response.